Arafura Pearls suffers profit loss
Managed investment scheme Arufura Pearls has suffered a plunge in profit of more than 71 per cent over the 2008-09 financial year, according to its end of financial year results.
Arafura’s profit after tax dropped to $3.1 million, despite a revenue rise of 29 per cent to $8.9 million to June 30. The company’s net assets increased to $54.8 million during the year. Its total operating expenses increased by $1.13 million.
The drop in profit was attributed to a drop in the net market value of pearls to $11.8 million, down from the previous year’s valuations of $22.3 million, the company said.
The company has combined its 2009 pearl harvest, completed during the first quarter of this year, with the harvest due to be marketed next year, leading to lower pearl sales compared to the 2007-08 financial year. Sales are expected to increase to more than $10 million during the 2010 financial year.
AUTHOR
Benjamin Levy
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