Classic Diamonds Net Profit Up 38%
June 24, 08
Indian diamond manufacturer Classic Diamonds reported annual net sales of Rs 7.104 billion ($165.4 million), a 10 percent increase over the previous year and a 14 percent rise over the year ended March 2006, according to information filed with the Bombay Stock Exchange. Profit before depreciation and tax was Rs 393.86 million ($9.17 million), while net profit for the year came to Rs 311.4 million ($7.25 million), up 38 percent from Rs 225.47 million ($5.26 million) in the prior year. Classic’s net sales for the three-month period ended March 31 totaled Rs 1.851 billion ($43.1 million), a 7.8 percent decline over the December-ended quarter and a 12.5 percent increase over the previous year period. Net profit for the quarter was Rs 55.15 million ($1.28 million), a 51 percent decline over the December-ended period and a rise of 122 percent over the previous year period. The company’s board of directors announced Tuesday that it is recommending a dividend of 25 percent, subject to the approval of the shareholders. Classic Diamonds is a client of Aber, Alrosa and various South African mines. It also manufactures and sells jewelry in