White Diamond Industries Ltd. reported that net sales fell 90 percent year on year to $95,067 (INR 5.3 million) during the first fiscal-quarter that ended on June 30, 2012. The company didn’t offer specific reasons for the sharp decrease in sales.

The Mumbai-based company recorded an operating loss of $24,503 (INR 1.4 million) during the quarter compared with an operating profit of $9,884 (INR 547,000) one year ago. Net profit fell 67 percent to $6,505 (INR 360,000).

First-quarter expenditures declined 86 percent to $130,864 (INR 7.2 million) for the company, whose operations include manufacturing and trading of rough and cut and polished diamonds.