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Sarine Weathers 3Q Market Slump

Nov 12, 2018 9:39 AM   By Rapaport News
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Sales at Sarine Technologies rose in the third quarter despite difficult trading conditions, the equipment maker said.

Revenue grew 3.7% year on year to $11.7 million for the three months ending September 30 as the company sold a larger number of Galaxy mapping machines. Net profit jumped to $269,000 versus a loss of $530,000 a year ago due to improved cost management and lower operating expenses, it added.

Overall demand for cutting equipment slowed in the quarter as banks tightened their lending to the Indian manufacturing sector, Sarine explained. The market also declined because of the weaker rupee, increased interest in synthetics, and the US-China tariff war, Sarine explained.

Revenue in India, Sarine’s biggest market, still climbed 1.6% to $7.4 million. North American sales jumped 20% to $328,000, while in Israel, revenue plunged 23% to $664,000. Sales in Africa dropped 11% to $1.3 million.

Image: Sarine Headquarters in Hod HaSharon, Israel.
Tags: Galaxy, Rapaport News, Sarine, Sarine Technologies
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