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Sales Slump at Indian Manufacturer Asian Star

Quarterly revenue down 38% as pandemic continues to affect operations.
Nov 9, 2020 5:56 AM   By Rapaport News
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RAPAPORT... 
Asian Star’s sales fell in the second fiscal quarter as the coronavirus pandemic continued to affect business for the Indian manufacturer of diamonds and jewelry.

Group revenue — including at subsidiaries — slid 38% year on year to INR 4.98 billion ($67.3 million) in the three months ending September 30, the Mumbai-based company reported Friday. The sales decline was gentler than the 80% slump the company suffered in the previous quarter, while profit rose 7% to INR 140.6 million ($1.9 million) as costs decreased.

“During the quarter, [the] Covid-19-induced lockdown [was] relaxed in a phased manner,” the company said, noting that the partial restrictions still had an impact on operations.

Diamond sales fell 37% to INR 4.08 billion ($55.2 million), with revenue from the jewelry division slipping 44% to INR 1.22 billion ($16.4 million). The sum of the combined diamond- and jewelry-division figures exceeded total group sales because certain transactions spanned both segments.

Image: Asian Star-manufactured jewelry. (GJEPC)
Tags: Asian Star, Coronavirus, COVID-19, diamonds, India, Jewelry, lockdown, Manufacturing, mumbai, pandemic, Rapaport News
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