Asian Star Co. Ltd. reported that group sales rose 5 percent year on year to $78.6 million (INR 3.89 billion) during the third fiscal-quarter that ended on December 31, 2011. Sales were driven by growth in its cut and polished diamond business. Net profits rose 17 percent to $1.7 million (INR 84.4 million), Rapaport reports.
Sales at the company’s cut and polished diamond segment increased 7 percent to $69 million (INR 3.41 billion). The company, which retails its jewelry under Shagun Jewels, reported that jewelry sales declined 17 percent to $11.5 million (INR 571 million). Sales at its wind energy generation segment fell 47 percent to $110,880 (INR 5.5 million) during the quarter.
Total expenditures rose 4 percent to $75.9 million (INR 3.75 billion) during the period.
Asian Star, a Diamond Trading Company sightholder, has manufacturing centers in Surat, Mumbai and Hosur in India for diamond processing and jewelry manufacturing.
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