Suashish Diamonds 2Q sales +4%

Suashish Diamonds Ltd. reported that net sales rose 4 percent year on year to $51.4 million (INR 2.54 billion) during its second fiscal-quarter that ended on September 30, 2011. Net profits, however, declined 59 percent to $2.5 million (INR 122.2 million), mainly due to lower income from investments.

Suashish, a manufacturer and exporter of diamonds and diamond studded jewelry, reported that income from investments and financial instruments fell to $644,627 (INR 31.8 million) during the quarter from $5.8 million (INR 284.6 million) in the same period of 2010.

The Mumbai-based company, a sightholder with the Diamond Trading Company, posted an operating profit of $2.9 million (INR 142 million) during the quarter, up from $697,931 (INR 34.4 million) a year earlier.

Total expenditures were little changed at $48.5 million (INR 2.4 billion) during the quarter.

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