Shrenuj sees 42% fall in net profits in Q3

Shrenuj & Company has announced a 42 percent fall in its net profits during the third fiscal quarter ending December 31, 2008. Net profits amounted to $1.68 million. The company on the contrary enjoyed a good turnout of its sales. But the increasing expenses which were up by 50 percent in the same quarter over last year accounted for the steep decline in net profits.

Net sales in the said period increased by 40 percent to $82.37 million, including a 32 percent increase in the diamond segment $56.05 million, 73 percent increase in the sale of studded jewellery amounting to $28.41 million.

Net profits also saw a dip in the first nine months of the fiscal year, falling by 20 percent to $5.55 million, despite a 15 percent increase in net sales amounting to $219.71 million. In this period sale of diamonds was up by 4 percent and of studded jewellery by a whopping 50 percent.