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Manufacturing Upturn Boosts Sarine Sales
May 15, 2017 9:47 AM
By Rapaport News
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RAPAPORT... Sarine Technologies, which supplies equipment to diamond manufacturers,
saw sales increase in the first quarter, reflecting improved sentiment in the cutting and polishing sector.
Group revenue for the period grew 5% year on year to $16.3
million, the Israel-based company reported Sunday. Sales to India, its largest
market, rose 6.4% to $13 million, outweighing a 14% drop in sales to Israel,
which amounted to $906,000. Revenue from Europe leapt 25% to $597,000.
Sarine, which sells diamond-mapping technology and other
equipment, is considered a bellwether for the strength of the manufacturing sector. The company noted that rough sales by De Beers and other miners in the
first quarter had been higher than a year earlier, with steady prices
indicating positive sentiment in the industry. The rough producers took
advantage of this optimism to sell off goods that had accumulated during the
market downturn in the second half of 2015, Sarine explained — suggesting that
this trend had helped boost the company’s revenue.
Despite the overall positivity, Sarine’s profit slumped 17%
to $2.5 million due to higher operating expenses resulting from growth and new
service launches, as well as a 5% strengthening of the Israeli shekel, it said.
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Tags:
China, cutters and polishers, De Beers, Europe, India, Israel, Manufacturing, midstream, oversupply, Rapaport News, Sarine, Sarine Technologies
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