Asian Star Revenue Down in First Quarter

RAPAPORT... Revenue and profit at Indian diamond-manufacturer Asian Starfell in the first fiscal quarter, reflecting a slowdown in demand for polished diamonds. Group revenue declined 7% year on year to INR 8.25 billion($114.8 million) in the three months ending June 30, the company said lastweek. Net profit slid 10% to INR 260.8 million ($3.6 million). Revenue from diamond sales, Asian Star's largest division, decreased11% to INR 7.39 billion ($102.8 million) for the quarter. Proceeds from thecompany's jewelry division rose 32% to INR 1.46 billion ($20.3 million). Profit from diamond sales slipped 21% to INR 290 million ($4million), while income from jewelry grew 74% to INR 56 million ($779,327). Themanufacturer has been focusing on improving its jewelry operations, as itpreviously noted that the division offered better profitability than diamonds. Total revenue was less than the sum of the combined diamond-and jewelry-division figures because certain transactions spanned bothsegments. Image: Diamond rings. (Asian Star)