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Sarine Profit Signals Manufacturing Recovery
Nov 27, 2016 9:43 AM
By Rapaport News
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RAPAPORT... Sarine Technologies said third-quarter sales bounced back from a year ago, reflecting an
improvement across the industry.
Revenue jumped 82 percent to $17.3 million in the three
months that ended September 30, driving the company to a $4 million profit
versus a $1.4 million loss a year ago. Sales still lag the $20.4 million revenue reported two years ago, despite the significant growth from 2015.
An improvement in the global economy and stronger consumer demand for
polished diamonds in key markets contributed to the sales turnaround, Sarine explained. The company, which supplies equipment to the manufacturing sector, noted the midstream enjoyed a recovery due to increased rough supply at economically viable prices in 2016.
Sarine’s sales to India more than doubled to $12.8 million, while shipments to Europe grew by an even bigger margin to $957,000. Sales in Israel rose 14 percent to $877,000.
In the first nine months of the year, revenue grew 49
percent to $53.6 million, resulting in a profit of $13 million compared with
$2.1 million a year earlier.
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Tags:
diamond mapping, Europe, India, Israel, polished market, Rapaport News, rough market, Sarine, Sarine Technologies
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