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Blue Diamonds Jewellery Worldwide fiscal Q1 loss widens 79.0% YOY

Blue Diamonds Jewellery Worldwide PLC said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 5 Sri Lankan cents per share, compared with a loss of 3 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 13.4 million rupees, compared with a loss of 7.5 million rupees in the prior-year period.

Total revenue decreased 8.7% year over year to 4.9 million rupees from 5.4 million rupees, and total operating expenses climbed 52.3% on an annual basis to 28.4 million rupees from 18.7 million rupees.

Reported net income came to a loss of 21.5 million rupees, or a loss of 8 cents per share, compared to a loss of 12.0 million rupees, or a loss of 5 cents per share, in the year-earlier period.

As of Aug. 18, US$1 was equivalent to 133.99 Sri Lankan rupees.