Sarine Posts Record Quarterly Revenues In Q2

(IDEX Online) – Sarine Technologies Ltd, a worldwide leader in the development, manufacturing, marketing and sale of precision technology products for the evaluation, planning, processing, measurement and grading of diamonds and gems, reported record quarterly revenues for the second quarter of $24.7 million. In the year-earlier quarter, it posted revenues of $22.1 million.

Net profit for the quarter was $8.6 million compared with $8.3 million the year before.

For the first half of this year, revenues were $49.1 million and record net profit of $17.6 million, compared with $46.3 million and $16.3 million, respectively, last year.

Profit from operations came to $10.1 million from $9.5 million last year. The firm said this "stemmed from increased Galaxy family related revenues along with increased sales of our other rough diamond planning and processing products.

Sarine reported the delivery of a record 19 Galaxy family systems in the second quarter, with a total of 175 installed.

Rises in revenues were strongest in North America where they soared 1,000 percent, Israel (45 percent), India (19.2 percent), and Africa (15.2 percent), while Europe posted a decline of 45.3 percent.

The company said global economic indicators remain stable. "The shortage of credit in India remains a factor, though we have not seen any meaningful impairment of our sales there during Q2 2014."

The firm said that polished prices have stabilized after rising sharply in the first quarter of this year, while rough diamond prices have risen moderately.