Sarin Technologies revenues and profits rose in the first quarter as Indian diamond manufacturers required more of the company’s systems to accommodate new supply of rough from Zimbabwe.
Sarin reported that revenues rose 61 percent year on year to $19.7 million during the quarter while net profit more than doubled to $7.8 million.
Revenues from India increased by 77 percent to $16.5 million, while from Africa they fell 21 percent to $884,000. Revenues in Europe declined by 16 percent to $366,000 while in North America they doubled to $431,000. Revenues from other markets grew 32 percent to $1.5 million.
Sarin explained that positive business sentiment helped encourage sales. “Although the economies in 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,” the company stated. “The group expects demand from Asian markets, in general, and 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.
Source: www.diamonds.net
Sarin reported that revenues rose 61 percent year on year to $19.7 million during the quarter while net profit more than doubled to $7.8 million.
Revenues from India increased by 77 percent to $16.5 million, while from Africa they fell 21 percent to $884,000. Revenues in Europe declined by 16 percent to $366,000 while in North America they doubled to $431,000. Revenues from other markets grew 32 percent to $1.5 million.
Sarin explained that positive business sentiment helped encourage sales. “Although the economies in 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,” the company stated. “The group expects demand from Asian markets, in general, and 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.
Source: www.diamonds.net
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