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Sarine Sales Dip Amid ‘Challenging’ Market

Revenue down 35% in second quarter.
Aug 12, 2019 6:16 AM   By Rapaport News
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RAPAPORT... Sarine Technologies saw a sharp decline in revenue during the second quarter, as an oversupply in the midstream led to lower sales of manufacturing equipment.

Sales fell 35% year on year to $11.6 million for the three months ending June 30, the Israel-based company said last week. Revenue from India — Sarine’s largest market — dropped 32% to $8.2 million. Sales in Africa plunged 63% to $964,000, while those in Israel were flat at $900,000. North America was Sarine’s only growth center, with sales up 24% to $263,000.

“During the [first half] of 2019, challenging conditions in the industry’s midstream continued to affect our business,” the company noted. “Our midstream customers continued to experience working-capital issues due to credit-tightening policies implemented by Indian banks, with an ongoing reduction of the already extended credit.”

Sarine reported a net loss of $1.4 million for the quarter, compared to a profit of $3.6 million for the same period the year before.

However, the equipment manufacturer has signed two new customers in China, and three in Taiwan, for its AI-based retail offering, Sarine Profile. It has two further Taiwanese retailers in the process of finalizing an agreement to use that service, the company added.

Image: A rough diamond. (Sarine Technologies)
Tags: Galaxy systems, Rapaport News, Sarine, Sarine Profile, Sarine Technologies
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