Sarin Income Rises 18.5%, But Profits Decline to $8 Million
March 01, 08 by IDEX Online Staff Reporter
Sarin Technologies’ 2007 revenue grew 18.5 percent to $37.1 million. Pre-tax profit rose by 18 percent to $10.5 million. The rise in income was credited to the recovery of its key market in India and the continued development of the new emerging markets of Africa, Russia and China.
Conversely, net profit declined to $8.0 million following a substantial increase in the group's income tax expense to $2.5 million due to smaller tax incentives.
“Africa, Russia and China were our most significantly growing markets in FY2007,” CEO Zeev Leshem noted. “The emergence of new diamond processing plants in Africa, focused marketing efforts in Russia and China and growth in India, our key market, were underpinned by firm demand for Sarin’s expanding range of innovative products.
Leshem expects this growth trend to continue, creating more opportunities to expand sales. “Going forward, we intend to introduce new specially designed products as well as upgrade our existing products to expand our market share.”
Despite uncertainties in the U.S. macro-environment, global sales of polished diamonds can be expected to continue growing in 2008. With the high prices of rough diamonds, an ongoing investment in automation is likely to continue as diamond manufacturers strive to enhance productivity in order to maximize yields, the company said.
