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Asian Star’s 1Q Revenue Drops Amid Weaker Diamond Market

Aug 13, 2015 8:20 AM   By Rapaport News
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RAPAPORT... Asian Star Company Limited reported its revenue dropped 2 percent to $127.8 million (INR 8.3 billion) during the quarter that ended June 30, 2015.

All of the India-based manufacturer’s group segments reported a decline in revenues in the three months that ended June 30, 2015, in a financial statement filed with the Bombay Stock Exchange (BSE) on Wednesday. Group sales of loose diamonds fell 2 percent to $117.2 million (INR 7.6 billion). Sales from Asian Star’s diamond jewelry division slid 15 percent to $15.2 million (INR 990.9 million). Revenue from all other sources plummeted 30 percent to $189,000 (INR 12.3 million).

Asian Star’s loose diamond operation specializes in the production of polished diamonds between 0.01 carat and 2 carats. Despite the decline in the group’s loose diamond sales, the company outperformed the general diamond market. As at July 1, the RapNet Diamond Index (RAPI) showed average prices in size ranges of up to 3 carats had plunged 12 percent to 26 percent from a year ago.

Asian Star’s net profit was down 6 percent to $2.8 million (INR 184.3 million), or an earnings per share of $0.18 (INR 11.52).
Tags: Asian Star, Bombay stock exchange, BSE, Diamond jewellery, diamond jewelry, loose diamonds, Rapaport News
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