Shree Ganesh Jewellery House (I) Ltd has reported a net loss of Rs 1,047.74 crore in the July-September quarter this fiscal against a profit of Rs 82.57 crore in the corresponding quarter last fiscal.
In the notes to the accounts, it said that the company incurred a loss of Rs 396.20 crore in certain trade transactions. This had been also provided for, the note explained.
The company also disclosed that it cancelled a bullion purchase contract in October with Shree Ganesh Jewellery House FZE, a wholly-owned subsidiary in the UAE.
“As such, the subsidiary had suffered a loss of approximately Rs 1,137 crore, of which Rs 61.75 crore is to be provided in standalone books as a diminution in value of investment, and Rs 623.72 crore has been provided against bad debt, since the subsidiary is also one of the debtor of the company,” Shree Ganesh stated.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.