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Asian Star's FY4Q Sales +1%

May 31, 2011 6:00 AM   By Avi Krawitz
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RAPAPORT... Asian Star net sales edged up1 percent year on year to $91.8 million (INR 4.14 billion) during the fourth fiscal quarter that ended on March 31, 2011. The Mumbai-based diamond and jewelry manufacturer reported that diamond sales fell 2 percent to $87 million (INR 3.91 billion), while jewelry sales grew 68 percent to $10.6 million (INR 475.3 million). Inter-segment sales rose 36 percent to $5.8 million (INR 263 million) and other sales, mainly from its wind energy generation business, declined 3 percent to $54,000 (INR 2.4 million).

Net profits nearly tripled to $3.5 million (INR 158.1 million) during the quarter. Profits before taxes and interest at its cutting and polishing business grew 44 percent to $4.2 million (INR 187.1 million) and at its jewelry unit, they increased seven-fold to $1.7 million (INR 76.9 million).

For the full fiscal year, net sales rose 14 percent to $370.1 million (INR 16.67 billion) with diamond sales up 12 percent to $344 million (INR 15.49 billion) and jewelry sales increasing 48 percent to $43.1 million (INR 1.94 billion). Intersegment sales rose 67 percent to $18.5 million (INR 833.4 million). Net profits rose 25 percent to $8.4 million (INR 377.8 million) during the year.

Tags: Asian Star, Avi Krawitz, Diamond cutting, India, jewelry manufacturing
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