India’s Asian Star Sees Drop in Sales, Profit

Indian diamond and jewelry manufacturer Asian Star recorded a decline in revenue and earnings in the second fiscal quarter, reflecting the overall market slump.

Sales fell 31% year on year to INR 9.19 billion ($110.3 million) for the three months ending September 30, the company reported on November 7. Net profit declined 44% to INR 172.1 million ($2.1 million).

Revenue from diamonds slid 30% to INR 8.35 billion ($100.2 million), while sales in the jewelry division plummeted 40% to INR 1.3 billion ($15.7 million).

For the first half that ended September 30, sales slipped 29% to INR 18.5 billion ($222.1 million), while net profit fell 22% to INR 407.4 million ($4.9 million).

The “slow global market” was the reason for the drop, said Asian Star CEO Vipul Shah. The figures are on a consolidated basis, meaning they include the group’s subsidiaries.