Sarin 3Q Sales Up 20%; Profits Up 12%

Sarin Technologies Ltd., a maker of advanced planning, evaluation and measuring systems, and equipment for diamond grading and production, said Monday that group revenue in the third quarter, ended Sept. 30, increased by 20 percent to $9.4 million and net profit rose 12 percent to $2 million, year-over-year. For the nine months ended Sept. 30, group revenue incraased 23 percent to $28 million and net profit improved by 28 percent to $6.5 million.

Sarin recorded improved and broad-based customer demand across all major markets during the quarter, the Israeli-based company said in a statement. It launched two products during the third quarter: DiaExpert Nano and DiaMension Lab Edition, “to positive market response.” It reported increased sales for its improved version of the green-laser Quaze product, launched in the second quarter.

“This solid set of results was supported by Sarin’s expanded range of innovative new products tailored to meet market demand,” said Zeev Leshem, Sarin chief executive officer.

The company’s directors have declared an interim dividend of 1-cent per share.0 US cents per share, in addition to the interim dividend of 65 cents per share paid last quarter.

The company, listed on the Singapore Stock Exchange, said the diamond industry’s long term prospects remain bright, noting that long term projections forecast continued growth in the demand for diamonds, driven primarily by rising affluence in the Far East and Middle East.

“This long term trend is supportive of a gradual overall increase in prices, for both rough and polished diamonds,” the statement said. “Combined with a parallel trend by diamond manufacturers to increase the use of automation in their manufacturing processes, the group is optimistic of its long term business prospects.”