WhatsApp
Email
Facebook
Twitter
LinkedIn
Revenue at Mumbai-based diamond and jewelry manufacturer Asian Star fell 2.4% in the last fiscal year.
Group revenue — including at subsidiaries — dropped to INR 29.03 billion ($303.4 million) for the year that ended March 31, the company said Monday. Diamond sales slid 11% to INR 20.55 billion ($214.6 million), while revenue from jewelry rose 17% to INR 9.65 billion ($100.8 million). The company’s profit declined 2.5% to INR 404.8 million ($4.2 million).
In the fourth fiscal quarter, diamond revenue dipped 28% year on year to INR 4.79 billion ($50 million), but it increased 1% compared to the previous three months. The diamond sector saw lower demand, while the jewelry segment improved due to higher gold prices.
Revenue fell 12% year on year to INR 7.48 billion ($78.2 million) for the period. The net loss narrowed to INR 4.1 million ($43,108) from INR 61.3 million ($640,795) a year earlier.
Image: Asian Star jewelry. (Gem & Jewellery Export Promotion Council)
