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Drop in India Orders Dents Sarine Sales
Aug 13, 2018 6:11 AM
By Rapaport News
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RAPAPORT... Sarine Technologies saw a slight decline in revenue during the second
quarter after orders for its diamond-mapping units fell in India.
Total sales fell 1.1% year on year to $18 million for the three
months ending June 30. Revenue from India declined 5% to $12 million, even as 16 of the 20 Galaxy systems that Sarine sold during the
quarter were in that market. North America sales tumbled 17% to $213,000, while those in Israel fell 4% to $896,000. Africa was Sarine's only growth center, with sales up 139% to $2.6 million.
Profit rose 28% to $4.1 million due to lower operating expenses, the
Israel-based company said Sunday..
Sarine is still pursuing several patent and copyright
infringement cases through Indian court systems. The company had also been
taking legal action against Rose Gems, which Sarine accused of manipulating the
reported weights of diamonds processed by its Galaxy machine. Rose Gems has
“taken responsibility for such actions and has agreed to all conditions set by
Sarine,” the company said, adding that the lawsuit had been closed.
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Tags:
Galaxy, Rapaport News, Rose Gems, Sarine, Sarine Technologies
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