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Asian Star Full-Year Profit Rises

Lower expenses compensate for revenue drop.
May 27, 2019 9:59 AM   By Rapaport News
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RAPAPORT... Profit at Asian Star, a Mumbai-based diamond manufacturer, grew 6% to INR 1.16 billion ($16.7 million) in the past fiscal year, as lower expenses compensated for a decline in sales.

Revenue, including at subsidiaries, dropped 7% to INR 39.13 billion ($524.6 million) for the 12 months ending March 31, the company said last week. Expenses fell by the same percentage to INR 35.06 billion ($504.5 million). Diamond sales slid 9% to INR 32.5 billion ($467.6 million), while revenue from jewelry rose 7% to INR 5.94 billion ($85.5 million).

In the fourth fiscal quarter, group sales decreased 1.3% year on year to INR 8.7 billion ($125.2 million), while profit jumped 30% to INR 302.3 million ($4.3 million), also reflecting lower costs.

Image: An Asian Star jewelry design, named Floating Lights. (Asian Star)
Tags: Asian Star, India, mumbai, Rapaport News, results
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