Sarin Q2 Results Buoyed by Revived Indian Market
August 11, 09
Sarin Technologies recorded $4.7 million in revenues in the first half of fiscal 2009, a 78 percent year-over-year decline, the diamond tool maker reported. As a result, the company posted a loss of $3.4 million for the period ended June 30, as compared to a profit of $5.1 million for the first six months of 2008.
The company is suffering from the continued global financial crises and its impact on the diamond industry.
Following a series of steps to reduce operating expenses, overall first half operating expenses were brought down by 46 percent to $4.8 million.
After a tough first quarter, second quarter revenue rebounded, increasing 246 percent quarter-over-quarter due to a partial recovery in diamond manufacturing activity, mainly in India, Sarin reported. However, while the company reported a positive cash flow from operating activities, it posted a $0.9 million loss in the second quarter.