Record Quarterly Income, Profits For Sarine In Q3

Record Quarterly Income, Profits For Sarine In Q3

Net profit also set a record for the third quarter: $5.7 million compared with $3.1 million in Q3 2013.

Sarine Technologies Ltd, which develops, manufactures, markets and sells precision technology products for the evaluation, planning, processing, measurement and grading of diamonds and gems, has posted record quarterly revenues for the third quarter of $20.4 million compared with $17.3 million in the third quarter of last year.

Net profit also set a record for the third quarter: $5.7 million compared with $3.1 million in Q3 2013.

For the Jan-Sept period, income was $69.5 million and a record net profit figure of $23.3 million, compared with $59.7 million and $19.4 million, respectively, last year.

Q3 profit from operations set a new record of $6.8 million from $6.1 million in 2013. For the first nine months of 2014, operations profit came to $27.8 million from $24.7 million

Sarine said in a statement that the improved operating performance in the third quarter "stemmed primarily from increased Galaxy family related revenues along with increased sales of our other rough diamond planning and processing products".

Sarine commented that it predicts global economic conditions and the rupee-US dollar exchange rate to remain largely unchanged.

"The shortage of available credit in India is becoming more significant as several banks in India and the Far East have either curtailed or reduced significantly their extension of credit to the diamond industry."