Sarin’s Net Profit Up 416% to $4.3 Million in Q3

(IDEX Online News) – Diamond toolmaker Sarin reported that its third quarter revenue and net profit rose 89 percent and 415 percent to $15.9 million and $4.3 million, respectively, over the corresponding period last year.

The company said the improvement was broad based, with the quarter continuing to benefit from robust Galaxy-related and Quazer II-related deliveries.

Compared to the second quarter, revenue grew 2 percent, but net profit declined 15 percent due to changes in revenue mix and higher income tax expense associated with the stronger U.S. dollar versus the Israeli Shekel during the quarter.

The group posted a record performance for the first nine months of the year due to what it called "positive business sentiment" and rising sales from an expanded product range.

Revenue and net profit for the first nine months rose 20.3 percent to $43.7 million and 28 percent to $12.6 million, respectively, compared to the same period last year.

As a result, the company declared a special interim dividend of $0.01 per share. An interim dividend of $1.25 cents per share was declared and paid for in the first quarter of the year.

The company said it achieved significant progress in research and development in the third quarter, with ongoing development to improve existing products as well as to launch new products over the next 12 months.