Stronger customer demand for new and existing products and improved business conditions resulted in Sarin Technologies fourth quarter group revenue to increase 23 percent to $8.5 million. For the quarter, net profit rose 120 percent to $3.3 million.
For fiscal year 2006, the company, which develops, manufactures and sells precision technology products for the gem industry, said the sustained recovery in the diamond manufacturing industry in the second half of the year contributed to group revenue rising 3 percent to $31.3 million. The increased business activity was supported by more investments in business infrastructure, R&D expense and higher operating costs, resulting in group net profit moderating to $8.4 million for the year.
“The revenue growth in FY2006 was achieved despite weaker business conditions in the first half of FY2006,” said Zeev Leshem, Sarin chief executive officer.
Market demand for the Sarin’s existing and new products remains healthy, the company said. Sarin added new products, including the Quazer green laser cutting system and the newly launched OrchiDia and Colibri products, for rough and polished diamond color prediction and grading. Group, which trades on the Singapore Exchange, said it is working towards the commercial launch of the disposable polishing disc product, while research work is progressing on the automated inclusion mapping system.
“Customer demand continued to strengthen during 2H FY2006 in key markets for our comprehensive range of products and solutions for the diamond manufacturing industry,” Leshem said. “Looking forward, the Group will continue to focus on executing our business plans to grow the business in existing and new markets, investing in the research & development of new and innovative products in our product pipeline, and expanding our product and service offerings in new strategic directions.”