Shrenuj & Company has announced a 42 percent fall in its net profits during the third fiscal quarter ending December 31, 2008. Net profits amounted to $1.68 million. The company on the contrary enjoyed a good turnout of its sales. But the increasing expenses which were up by 50 percent in the same quarter over last year accounted for the steep decline in net profits. %% Net sales in the said period increased by 40 percent to $82.37 million, including a 32 percent increase in the diamond segment $56.05 million, 73 percent increase in the sale of studded jewellery amounting to $28.41 million. %% Net profits also saw a dip in the first nine months of the fiscal year, falling by 20 percent to $5.55 million, despite a 15 percent increase in net sales amounting to $219.71 million. In this period sale of diamonds was up by 4 percent and of studded jewellery by a whopping 50 percent.