Shree Ganesh Jewellery posts net loss of Rs 1,047 crore in Q2
Shree Ganesh Jewellery House Ltd (SGJHL) on Wednesday posted a net loss of Rs 1047.74 crore for the quarter ended September 30, 2013.
The company had clocked a net profit of Rs 82.57 crore in the corresponding quarter last year, it said in a filing to the BSE.
Total income during the quarter ended September, 2013 increased by 82 per cent to Rs 4,142.27 crore from Rs 2,279.05 crore last year, the filing noted.
The company's second quarter earnings were in red due to cancellation of contract by its subsidiary in the United Arab Emirates (UAE) for purchase of bullion and non saleability of the product as a result, it had to unwind the sales transactions and call the goods back. Both the calling back of goods and the termination of contract reduced the company's net worth by about Rs 941 crore, the earnings note added.
Shree Ganesh Jewellery is into manufacturing and exports of gold, diamond jewellery, gemstone studded jewellery and light-weight Italian jewellery to various countries across the globe like the US, the Middle East, Europe, Hong Kong, Singapore and Sri Lanka.
Shares in Shree Ganesh Jewellery, on Wednesday, ended at Rs 36.95 apiece on the BSE, up 1.37 per cent from the previous close.
