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Asian Star’s Profit Slides Despite Sales Growth

May 23, 2016 9:47 AM   By Rapaport News
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RAPAPORT... Asian Star, a Mumbai-based diamond manufacturer, reported profit dropped in the past fiscal year even as revenue rose.

Net profit declined 11 percent to $10.7 million (INR 725.5 million) even as sales edged up 2.5 percent to $488.7 million in the 12 months to March 31, the company, which is a De Beers sightholder, said.

The group, listed on the Bombay Stock Exchange since 1996, produces polished diamonds weighing 5 carats and below in “fine” makes and manufactures gold and platinum and diamond-studded jewelry.

Revenue from its diamond segment increased 3.8 percent to $445.9 million (INR 30.12 billion), outweighing a 9.7-percent slump in jewelry sales to $62.9 million (INR 4.25 billion).

In the three months to March 31, revenue jumped 29 percent and profit slid 10 percent.
Tags: Asian Star, Bombay stock exchange, India, manufacturers, Manufacturing, mumbai, Rapaport News, Sightholders
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