Sarine Back in the Black Despite Pandemic
March 03, 21
(IDEX Online) - Sarine turned a $1.4m loss for 2019 into a $2.4m net profit for 2020, even though the pandemic saw revenue drop by a fifth.
Sales of its diamond scanning machines and software were badly hit by four months of manufacturing lockdowns in India and nine months of restrictions on retail diamond sales globally.
But the Israel-based company said it had operated profitably by taking steps as early as March 2020 to cut all non-essential services and reduce costs.
Revenue for 2020 as down 20 per cent from $51.3m to $41m.
Sarine Technologies said use of its inclusion mapping systems in January and February - on a pay as you go basis - was 40 per cent higher than before the pandemic, as manufacturing picked up.