Asian Star Co. Ltd. reported that group net sales rose 24 percent year on year to $92.7 million (INR 5.13 billion) during its fourth fiscal-quarter that ended on March 31, 2012. Sales were driven by growth in its cut and polished diamond and jewelry business. Net profits, however, fell 30 percent to $2 million (INR 110.7 million), Rapaport reports.
Sales at the company’s cut and polished diamond segment increased 16 percent to $82.2 million (INR 4.55 billion). The company, which retails its jewelry under Shagun Jewels, reported that jewelry sales more than doubled to $18.5 million (INR 1 billion) from $8.6 million (INR 475.3 million) a year earlier.
Total expenditures rose 28 percent to $89.5 million (INR 4.95 billion) during the period. Asian Star has manufacturing centers in Surat, Mumbai and Hosur in India for diamond processing and jewelry manufacturing.
For the fiscal year, Asian Star’s net profit rose 10 percent year on year to $7.5 million (INR 414 million) while net sales increased 10 percent to $331.8 million (INR 18.35 billion).
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