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Asian Star's 4Q Revenue -12%, Profit -1%
May 18, 2015 3:06 PM
By Jeff Miller
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RAPAPORT...
Asian Star Co. Ltd. reported that
revenue declined 11.6 percent year on year to $137.5 million (INR 8.73 billion) in the fourth quarter that ended on March 31. Standalone revenue slipped 16.4 percent to $94 million (INR 5.96 billion). Company-wide
sales of diamonds fell 12 percent during the period to $129.5 million (INR 8.2 billion), while jewelry sales dropped 8.8 percent to $12 million (INR 753 million). At the end of the fourth quarter,
the value of diamond inventory rose 15.7 percent year on year to $78 million (INR 5 billion), while the
value of jewelry inventory jumped 18.1 percent to $13 million (INR 852 million).
Expenses during the period were reduced by 11.9 percent to $131.4 million (INR 8.3 billion). Profit fell 1.4 percent $4.1 million (INR 258 million).
During the fiscal year, Asian Star reported that
revenue fell 0.9 percent to $507.5 million (INR 32.2 billion), while
standalone sales dropped 0.6 percent to $437 million (INR 27.7 billion).
Diamond sales were basically flat, down just 0.3 percent, at $457.2 million (INR 2.9 billion), while jewelry sales fell 1.2 percent to $74 million (INR 471 million). Expenses were reduced by 0.9 percent to $488 million (INR 31 billion) and
profit rose 5.1 percent to $12.9 million (INR 820 million).
Asian Star's board of directors recommended of dividend of 2 cents (INR 1.50 per Rs. 10/- each fully paid up) share, subject to the approval of shareholders.
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Tags:
asia star, diamonds, dividend, financial, India, Jeff Miller, Jewelry, Manufacturing, retail
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