Sarin Technologies Ltd. said Friday that stronger customer demand for Sarin products and improved business conditions in the key market India and new emerging markets resulted in group revenue increasing by 9 percent to $9.3 million in the first quarter ended March 31. The stronger business activity increased profit before tax by 10 percent to $3.3 million. Higher income tax expense, mainly due to less tax incentive, lowered group net profit by 8 percent to $2.3 million.
“Our business performance in Q1 FY2007 benefited from higher customer demand in some key markets,” said Zeev Leshem, Sarin chief executive officer. “The growth was supported by the commercialization of several enhanced products which are well received by the market. Going forward, we will continue to extend our market leadership by executing our growth plans in existing and new products and markets.”
Business conditions for the diamond manufacturing industry are expected to remain positive in the current financial year, said the company, which develops, manufactures, and sells precision technology products for the processing of diamonds. Diamond manufacturers have been, and are expected to increase its use of automation to maximize rough diamond yield and the quality of polished diamonds.