Net sales at Asian Star rose by 8% in Q3

In the third fiscal quarter that ended 31 December 2009, net sales for Asian Star increased by 8 percent to $68.1 million. Polished diamond sales mounted to $64.5 million, rising by 7 percent. Profits before interest and tax at its diamond business unit decreased 15 percent to $2.7 million. Sale of jewellery rose 7 percent to $5.7 million, and profits before interest and tax decreased 29 percent to $470,945.

Expenses rose 9 percent to $65.4 million and net profits dipped 5 percent to $1.4 million. The company noted a 59 percent increase in its inter-segment sales to $2.2 million.

Group sales in the first nine months of the year dipped 6 percent to $205.3 million and expenses by 6 percent to $196.4 million. In the same period the company’s net profits dipped 19 percent to $5.1 million. Sales in the diamond segment declined 6 percent to $198.2 million, while profits before interest and tax dropped 20 percent to $8.2 million in the year to date period. Sale of jewellery was lower by 1 percent to $137.7 million and profits before interest and tax by 17 percent to $2.3 million.