RAPAPORT… Sales at Indian diamond manufacturer Asian Star soared in the first fiscal quarter as the global market recovered.
Revenue increased more than fivefold to INR 8.65 billion ($116.5 million) for the three months ending June 30 from INR 1.64 billion ($22 million) a year earlier, the Mumbai-based company said Monday. Net profit skyrocketed to INR 207.74 million ($2.8 million) versus INR 4.3 million ($58,012) last year.
The figures, which include the company’s subsidiaries, reflect a favorable comparison with the same period in 2020, when the pandemic weighed on diamond demand and forced many businesses to close.
Diamond revenue rose to INR 7.67 billion ($103.5 million) from INR 1.36 billion ($18.4 million) a year ago, while sales of finished jewelry grew to INR 1.4 billion ($18.9 million) versus INR 275.5 million ($3.7 million) the previous year.
The diamond division recorded a profit of INR 169 million ($2.2 million) before interest and tax, compared with a loss of INR 26 million ($349,782) a year ago. Profit from jewelry operations came to INR 29.6 million ($398,179) after the company saw a loss of INR 22.7 million ($305,384) for the same period of 2020.
Image: A diamond and gemstone ring. (Asian Star)
