RAPAPORT... Sales at Sarine Technologies rose in the third quarter
despite difficult trading conditions, the equipment maker said.
Revenue grew 3.7% year on year to $11.7 million for the
three months ending September 30 as the company sold a larger number of Galaxy
mapping machines. Net profit jumped to $269,000 versus a loss of $530,000 a
year ago due to improved cost management and lower operating expenses, it
added.
Overall demand for cutting equipment slowed in the quarter as
banks tightened their lending to the Indian manufacturing sector, Sarine
explained. The market also declined because of the weaker rupee, increased
interest in synthetics, and the US-China tariff war, Sarine explained.
Revenue in India, Sarine’s biggest market, still
climbed 1.6% to $7.4 million. North American sales jumped 20% to $328,000,
while in Israel, revenue plunged 23% to $664,000. Sales in Africa dropped 11%
to $1.3 million.
Image: Sarine Headquarters in Hod HaSharon, Israel.
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