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Asian Star Profit Slides on Higher Costs

Jewelry revenue jumps 21%, outperforming diamond division.
May 29, 2017 7:28 AM   By Rapaport News
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RAPAPORT...
Profit at Asian Star, a Mumbai-based diamond manufacturer, fell during the past fiscal year even as sales increased, the company reported.

Net profit slid 11% to $10.2 million (INR 660.5 million) in the 12 months that ended March 31, according a filing last week that included the group’s subsidiaries. While revenue increased 6% to $541.8 million (INR 34.94 billion), expenses rose as well, growing 14% to $405.2 million (INR 26.13 billion).

By product, diamond sales advanced 4.5% to $488.2 million (INR 31.48 billion), and revenue from jewelry jumped 21% to $79.8 million (INR 5.15 billion). 

In the January-to-March period, group sales dropped 5% year on year to $163.4 million (INR 10.53 billion), while profit dived 38% to $2.3 million (INR 146.3 million).
Tags: Asian Star, India, Manufacturing, Rapaport News
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