Sarine Q3 Revenue Drops 50% Year-Over-Year

(IDEX Online News) – Diamond technology toolmaker Sarine Technologies saw its revenue drop approximately 50 percent for the third quarter of 2015 and the nine months ended September 30. The company said the loss in revenue and profitability was due to the continued negative conditions in the midstream of the diamond industry.

The group reported Q3 revenue of $9.5 million, a loss from operations of $0.7 million and a net loss of $1.4 million, compared to revenues of $20.4 million, profit from operations of $ 6.8 million and net profit of $ 5.7 million in Q3 2014. In Q2 2015, the company reported revenue of $14.4 million, profit from operations of $3.4 million and net profit of $2.7 million.

For the nine-month period, the group realized revenues of $36.1 million, profit from operations of $3.5 million and net profit of $2.1 million compared to revenue of $69.5 million, profit from operations of $ 27.8 million and net profit of $23.3 million in 2014.

The year-over-year revenue decrease occurred in most locations and was primarily due to decreased capital equipment sales, especially in India.

In related news, the company also announced that it was opening its first Allegro™ service center in Jaipur, India. The Allegro™ system provides automated gemstone planning and shaping services.