RAPAPORT… Indian diamond manufacturer Asian Star’s sales and profit
declined in the third fiscal quarter, the company said Wednesday.
Group revenue dropped 24% year on year to INR 7.93 billion
($111.7 million) in the three months ending December 31. Net profit plummeted
63% to INR 181.6 million ($2.6 million).
Revenue from diamond sales, Asian Star’s largest division,
dropped 27% to INR 6.94 billion ($97.7 million) for the quarter. Proceeds from
the company’s jewelry division rose 7% to INR 1.46 billion ($20.5 million).
Last quarter, the manufacturer said it planned to focus on improving jewelry
operations, adding that the division offered better profitability than diamond did.
Total revenue was less than the sum of the combined diamond-
and jewelry-division figures, because certain transactions spanned both
segments.
Image: An Asian Star diamond ring. (Asian Star)
India’s Asian Star Sees Revenue Fall
The Bottom Line
- Asian Star's group revenue fell 24% year-on-year to INR 7.93 billion ($111.7 million) in Q3.
- Net profit declined 63% to INR 181.6 million ($2.6 million) during the same period.
- Diamond sales revenue dropped 27% to INR 6.94 billion ($97.7 million), while jewelry division revenue increased 7% to INR 1.46 billion ($20.5 million).
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