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Sarin's 4Q Profit -20%, Revenue +1%
Feb 18, 2013 7:17 AM
By Avi Krawitz
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RAPAPORT... Sarin Technologies, which makes equipment used in the diamond-cutting sector, reported that its profit fell 20 percent year on year to $3.8 million during the fourth quarter that ended on December 31, 2012.
The company explained that the decline resulted from lower gross margins associated with the composition of products sold, coupled with an increase in third-party commissions. Revenue rose 1 percent to $14.2 million during the quarter.
Sales in India fell 3 percent to $10.6 million during the quarter, while they jumped 16 percent in Africa to $864,000. Sales to Europe dropped 5 percent to $435,000 and they were down 27 percent to $188,000 to North America. Sales to Israel grew 18 percent to $985,000.
Sarin estimated that manufacturing in India fell by about 40 percent, while the figure was 20 percent lower in Belgium and Israel during the third quarter, but business sentiment improved.
“With the exception of the Euro zone, the economies in most regions, including China, India and, to a lesser extent, in the U.S., are likely to grow in 2013. We have also noted favorable trends such as continued robust demand for luxury goods and increased appetite for diamond consumption by the growing middle class in China and India,” said Uzi Levami, Sarin’s CEO. “Going forward, we expect diamond manufacturers to continue their investment in Sarin’s products and technology so as to benefit from increased productivity.”
For the full year, Sarin posted revenue growth of 10 percent to $63.8 million with profit up 20 percent to $20.8 million.
Sales to India grew 8.5 percent to $48.8 million in 2012, while they rose 11 percent to $4.8 million in Africa. Sales to Europe fell 8 percent to $1.7 million, but they rose 5 percent to $1.1 million in North America. Sales to Israel jumped 27 percent to $3.1 million during the year.
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Tags:
Avi Krawitz, diamonds, Rapaport, Sarin
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