Sarin Reports Record Second Quarter

(IDEX Online News) – Sarin Technologies reported a record second quarter with revenue and net profit increasing 22 percent and 26 percent to $22.1 million and $8.3 million, respectively. The Singapore Exchange Mainboard-listed company said the increase was mainly attributed to increased Galaxy™-related sales as it delivered 17 systems during the quarter.

The group also reported record semi-annual performance for the six months ended 30 June. Revenue and net profit rose 12 percent and 13 percent to $42.3 million and $16.3 million, respectively compared to 2012. The company said that Galaxy™-related recurring revenue increased more than 50 percent in the first half of the year.

With regard to the recently launched Sarine Light™, the company said it had been seemingly well received by consumers. It said that given the strong interest in the system by high-end retailers as well as leading gem labs in the Asian and US markets, it expects to conclude more strategic cooperation agreements in the upcoming quarters.

Looking ahead, the company said it remains “upbeat” about demand for its technology. “Despite the challenges faced by the diamond manufacturing industry in India, established diamond manufacturers continue to invest in our technology, as evident in our record performance and robust deliveries of Galaxy™ family systems in Q2 2013,” said Uzi Levami, Chief Executive Officer of the group.

“Given the immediate tangible benefits of Sarin’s unique Galaxy™ technology and ongoing lack of meaningful competition, we remain confident of continued Galaxy™ penetration in the second half of 2013 and adoption of our rough diamond processing offerings,” he added.