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Sarin Revenues, Profits Soar in 1Q
May 7, 2012 5:02 AM
By Avi Krawitz
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RAPAPORT... Sarin Technologies' revenue and profit rose in the first quarter as Indian diamond manufacturers required more of the company’s systems to accommodate new supply of rough from Zimbabwe, according to the firm. Sarin reported that revenue rose 61 percent year on year to $19.7 million during the three months that ended on March 31, while net profit more than doubled to $7.8 million.
Revenue from India increased by 77 percent to $16.5 million, however, sales from Africa fell 21 percent to $884,000 and they dropped 16 percent in Europe to $366,000. Sales across North America doubled to $431,000 and revenue from other markets grew 32 percent to $1.5 million.
Sarin explained that positive business sentiment helped encourage sales. Although the economy Europe could impair the global economic outlook, and in turn Sarin’s performance, the group is encouraged by the growing markets in China and India for diamond jewelry, according to the group's statement. The group expects demand from Asian markets, China and India, in particular, to continue to drive diamond jewelry expansion in 2012.
More than one-third of revenue was generated from Sarin’s Galaxy product with 14 Galaxy family systems delivered during the quarter.
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Tags:
Avi Krawitz, diamonds, Galaxy, Polished Diamonds, Rapaport, Sarin, Sarin Technologies
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