Sarine Q2 Revenue -42% while Net Profit Plummets 69%

(IDEX Online News) – Sarine Technologies Ltd cited a challenging business environment and significantly lowered manufacturing activities as a cause of its 42-percent decline in revenue in the second quarter and a plummeting net profit, which was 69-percent lower than the same quarter of 2014.

However, compared to the first quarter of 2015, the results were more favorable. Group revenue rose 19 percent to $14.4 million due to higher recurring income and capital equipment sales across most regions while profit from operations and net profit rose 318 percent and 208 percent over Q1 2015, to $3.4 million and $ 2.7 million, respectively.

Sales in the second quarter in India, the company’s biggest market, dropped 48 percent compared to the second quarter of 2014 to 10.6 million versus $20.2 million in the earlier quarter.

The picture was more positive in the US and European markets, which saw sales increase 94 percent and 128 percent over the second quarter of 2014.

During the quarter, Sarine delivered six Galaxy™ family systems, bringing the total installed base to just over 200.