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.