Flawless Diamond (India) notes 94% fall in net profits

With a 10 percent increase, net sales for Flawless Diamond (India) amounted to $35.5 million (INR 1.76 billion) during the quarter that ended March 31, 2009. But this did not turn the tide for net profits, which slipped down by a very high 94 percent valuing at $107,209. This 94 percent drop has been attributed to a 16 percent rise in expenses, which amounted to $34.8 million.

The company’s fiscal year results showed a 9 percent increase in sales amounting to $123.8 million, and a 45 percent fall in net profits to $2.7 million, while expenses increased by 10 percent to $118.9 million.