Sarine Reports Return to Nominal Profitability

(IDEX Online) - Sarine Technologies has released a preliminary update for Q3 2019 in which it says it has returned to nominal profitability. 

The company said despite ongoing negative conditions in the mid-stream, revenues for the third quarter will be 20 percent better than those of the second quarter, hitting $14 million. This will allow for a nominal net profit. 

To keep expenses down, Sarine said it had slightly reduced its research and development and general and administrative expenses.

The company also announced it had delivered a record number of Galaxy family inclusion mapping systems, outpacing previous records set in the first and then the second quarters of the year. 

However, the decline in polishing activity because of reduced quantities of rough stones entering the pipeline has resulted in a decrease in the group's revenues from inclusion mapping services by 18 percent. Most of this decrease was seen in Sarine's service centre activities, just over half of which in Israel and Belgium.

The full report of Sarine's financials for Q3 2019 is expected to be released on 10 November 2019.