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India Upturn Boosts Sarine’s Results
May 23, 2018 7:45 AM
By Rapaport News
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RAPAPORT... Sarine Technologies, which supplies equipment to diamond
manufacturers, saw revenue rise in the first quarter, driven by increased sales
of its Galaxy system in India.
Group revenue for the period grew 2% year on year to $16.7
million, the Israel-based company reported last week. Sales to India, its
largest market, rose 4% to $13.5 million, outweighing a 42% drop in sales to
Europe, which amounted to $344,000. Revenue from Israel climbed 16% to $1.1
million, while sales to the African market grew 24% to $854,000.
The performance of Sarine, which sells diamond-mapping technology and other
equipment, is considered an indicator of the strength of the manufacturing
sector. The company noted that rough-diamond prices had increased this year, but said that had not significantly impacted the midstream sector. The global economy is strong, and diamond businesses are showing prudent inventory management, it added.
The diamond-technology company’s profit jumped 27% to $3.1
million due to lower operating costs and changes to its tax expenses.
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Tags:
Alrosa, De Beers, Galaxy, Rapaport News, Sarine, Sarine Technologies
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