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Market Challenges Lead to Sarine Profit Drop

Total down 85% in the fourth quarter.
Feb 25, 2019 8:53 AM   By Rapaport News
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RAPAPORT...
 Profit at Sarine Technologies plunged in the fourth quarter, as sentiment in the diamond industry softened amid weaker consumer spending.

The diamond technology company reported net profit fell 85% year on year to $93,000 for the three months that ended December 31. Uncertainties in China and tighter bank credit to India’s manufacturing sector resulted in lower capital-equipment sales and reduced recurring revenues, Sarine explained on Sunday. Increased income tax expenses on the write-down of certain deferred tax assets also affected its bottom line.

Revenue for the period declined 6% to $12.2 million. Sales in India, Sarine’s biggest market, fell 20% to $5.9 million for the October-to-December period. North American sales jumped 10% to $222,000, while in Israel, revenue slumped 33% to $786,000.

Revenue for the full year slipped 0.2% to $58.5 million, while profit increased 32% to $7.6 million.

Sarine believes “adverse sentiments are likely to persist” in 2019, primarily due to credit tightening by Indian banks.

Image: Sarine Technologies headquarters in Hod HaSharon, Israel. (Sarine Technologies)
Tags: Galaxy, Rapaport News, Sarine, Sarine Technologies
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