Goldiam International reported that group net sales fell 24 percent year on year to US $8.2 million during its fourth fiscal-quarter, due in large part to weak jewellery sales. Net profits declined 38 per cent to US $288,085, partly due to higher finance costs and tax expenses.
Jewellery business sales fell 42 percent to US $6.5 million, while the company's investments segment grew to US $443,048 from US $149,195a year earlier.
Total expenses declined 29 per cent to US $7.4 million during the quarter.
For the fiscal year, Goldiam’s net profit fell 18 per cent year on year to US $2.8 million while net sales increased 3 per cent to US $44.3 million.
The Mumbai-based company, whose product line includes 7,000 products such as rings, earrings, pendants, bracelets, bangles and necklace designs, exports 70 per cent of its annual production to the U.S.
Goldiam International reported that group net sales fell 24 percent year on year to US $8.2 million during its fourth fiscal-quarter, due in large part to weak jewellery sales. Net profits declined 38 per cent to US $288,085, partly due to higher finance costs and tax expenses.
