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Sarine Sales Dip Amid ‘Challenging’ Market
Aug 12, 2019 6:16 AM
By Rapaport News
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RAPAPORT... Sarine Technologies saw a sharp decline in revenue during
the second quarter, as an oversupply in the midstream led to lower sales of manufacturing equipment.
Sales fell 35% year on year to $11.6 million for the three
months ending June 30, the Israel-based company said last week. Revenue from
India —
Sarine’s largest market — dropped 32% to $8.2 million. Sales in
Africa plunged 63% to $964,000, while those in Israel were flat at
$900,000. North America was Sarine’s only growth center, with sales up 24% to
$263,000.
“During the [first half] of 2019, challenging conditions in the industry’s midstream continued to affect our business,” the company noted. “Our midstream customers continued to experience working-capital issues due to credit-tightening policies implemented by Indian banks, with an ongoing reduction of the already extended credit.”
Sarine reported a net loss of $1.4 million for the quarter,
compared to a profit of $3.6 million for the same period the year before.
However,
the equipment manufacturer has signed two new customers in China, and
three in Taiwan, for its AI-based retail offering, Sarine Profile. It has two further Taiwanese
retailers in the process of finalizing an agreement to use that service, the company added.
Image: A rough diamond. (Sarine Technologies)
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Tags:
Galaxy systems, Rapaport News, Sarine, Sarine Profile, Sarine Technologies
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