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Sarin's 2Q Profit +26%, Revenue +22%
Aug 5, 2013 3:16 AM
By Deena Taylor
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RAPAPORT... Sarin Technologies, which makes equipment used in the diamond-cutting sector, reported that its profit grew 26 percent year on year to $8.3 million during the second quarter of 2013. The company's revenue rose 22 percent to $22.1 million.
Sarin explained that growth stemmed from improved business sentiment and increased revenues from its Galaxy products. Sarin also saw marginal revenues from the commercialization of its Sarine Light, which was commercialized in April 2013.
Sarin recorded recurring revenue growth of 50 percent year on year for its Galaxy systems during the first six months of the year. The company delivered 16 Galaxy systems in the period, growing its services base to 122 systems worldwide. The company also installed one Galaxy Ultra, its new microscope-enhanced system designed to generate and automatically analyze imagery of inclusions nominally beyond the gem labs' definition of a VVS1 stone, including elusive clouds of micron level imperfections, at its service center in Surat.
For the first half of 2013, Sarin's profit rose 14 percent to $16.3 million, while revenue increased 12 percent to $42.3 million.
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Tags:
Deena Taylor, diamonds, Galaxy, Sarin
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