White Diamond Industries Ltd. reported that net profit fell 47 percent year on year to $19,708 (INR 987,000) during its third fiscal-quarter that ended on December 31, 2011. The Mumbai-based company recorded an operational loss of $10,843 (INR 543,000) during the quarter as compared with an operating profit of $18,630 (INR 933,000) one year ago.
Third-quarter expenditures fell nearly 94 percent to $56,250 (INR 2.8 million) for White Diamond, whose operations include manufacturing and trading of rough and cut and polished diamonds.
Net sales declined 95 percent year on year to $45,407 (INR 2.3 million) from $917,712 (INR 46 million) a year earlier. White Diamond didn’t state specifics on the sales breakdown.
During the first nine months of its fiscal year, White Diamond saw sales jumped 12 percent to $1.5 million (INR 76.6 million) and net profits rising 67 percent to $75,759 (INR 3.8 million).