Sarine 2015 4Q Profits Slump 62%; Revenue -32%
March 02, 16
(IDEX Online News) – Sarine Technologies Ltd announced that its 2015 fourth quarter revenue dropped 32 percent on a year-over-year basis.
The technology company, which makes a range of products used in diamond and gemstone production, reported that its fourth quarter 2015 revenue was $12.39 million compared to $18.32 million in the same period a year previously.
On a year-over-year basis, revenue dropped to $44.45 million in 2015 compared to $87.77 million in 2014 – which represents a 44.8-percent decline.
Sarine’s profits also plummeted in the quarter, falling 62 percent to $1.47 million compared to $3.89 million a year previously. On a year-over-year basis, its profits were only a fraction of the 2014 amount, falling 86.8 percent to $3.59 million compared to $27.23 million.
The Sarine Group said that the decline in revenue and profits was as a result of the challenging global diamond market throughout 2015, with particular emphasis on the midstream.
The company announced that despite the unfavorable market conditions, it would continue with its ongoing research and development programs.