Shree Ganesh Jewellery House Ltd (SGJHL) today posted net loss of Rs 1047.74 crore for the second quarter ended on September 30.
The company had clocked the net profit of Rs 82.57 crore in the same period last year.
Total income for July-September period increased by 82 per cent to Rs 4,142.27 crore from Rs 2,279.05 crore in the year ago period, the company said in a BSE filing.
The company's second quarter earnings were in red due to cancellation of contract by its subsidiary in 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, calling of goods back and termination of contract reduced the company's net worth by about Rs 941 crore, the earnings note added.
SGJHL is into manufacturing and exports of gold, diamond jewellery, gemstone studded jewellery and light weight italian jewellery to various countries across the globe like USA, Middle East, Europe, Hongkong, Singapore and Srilanka.
Shares of the company today closed at Rs 36.95 apiece, up 1.37 per cent on BSE.