Su-Raj Diamonds 3Q Sales +49%

Su-Raj Diamonds and Jewellery Ltd. reported that net sales rose 49 percent year on year to $296 million (INR 14.61 billion) during its third fiscal-quarter that ended on December 31, 2011. Growth was driven by strong performance at its jewelry and diamonds business.
Net profits, however, fell slightly to $6 million (INR 297.8 million) from $6.1 million (INR 299.9 million) a year earlier, partly due to lower other income and higher finance charges and tax expenses.

The company’s jewelry segment sales rose 52 percent to $246.8 million (INR 12.18 billion), while its diamond business grew 33 percent to $49.2 million (INR 2.43 billion). Su-Raj’s bullion sales increased 23 percent to $151,945 (INR 7.5 million), but ‘other’ segment sales declined 10 percent to $530,794 (INR 26.2 million).

Total expenditures jumped 50 percent to $287.1 million (INR 14.17 billion) during the quarter.

Su-Raj reported that its board has approved the disinvestment from its subsidiaries Su-Raj Diamonds NV, Su-Raj Diamond (HK) Ltd. and Su-Raj Diamonds & Jewellery USA Inc., subject to necessary approvals.

Su-Raj Diamonds is a manufacturer and exporter of polished diamonds, gold, silver and platinum jewelry studded with diamonds, color stones and semi-precious stones as well as plain jewelry.

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