Sarine Q3 Revenue Leaps 82% To $17.3 Mn

Solitaire - - SPECTRUM -

Sarine Tech­nolo­gies Ltd., an Is­rael-based man­u­fac­turer of di­amond and gem­stone pro­cess­ing equip­ment, recorded a net profit of $4 mil­lion on rev­enues of $17.3 mil­lion in the third quar­ter of 2016. The com­pany re­versed a net loss of $1.4 mil­lion in Q3 2015, while its rev­enues jumped 82% this quar­ter on the back of in­creased man­u­fac­tur­ing equip­ment sales and higher re­cur­ring revenue.

The growth was broad­based across most ge­o­graph­i­cal seg­ments as business con­di­tions con­tinue to im­prove with positive re­newed con­sumer de­mand for pol­ished dia­monds in key mar­kets, ro­bust sup­ply of rough dia­monds at eco­nom­i­cally vi­able prices and the ab­sence of in­ven­tory over­hang, Sarine stated.

Dur­ing the quar­ter, Sarine de­ployed a record 22 Gal­axy fam­ily sys­tems, com­pris­ing 12 new Meteor small stone ma­chines, 7 So­laris ma­chines, 2 Gal­axy Ul­tra ma­chines and 1 Gal­axy sys­tem. One of the Gal­axy Ul­tra sys­tems was de­ployed to the group’s ser­vice cen­tre in In­dia to meet strong de­mand for these high-end ser­vices. As of Septem­ber 30 2016, the group has an in­stalled base of 275 Gal­axy fam­ily sys­tems.

For the nine months ended Septem­ber 30 2016, group revenue rose 49% to $53.6 mil­lion, and net profit surged sig­nif­i­cantly by 515% to $13 mil­lion.

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