Sarin Q1 Profit Increase 65 percent to $2.5 Million
May 11, 06
Sarin Technologies Ltd today announced that for the first quarter ended March 31, group revenue rose 50 percent to $8.5 million on broad-based customer demand for existing and new products in all its key markets. Thanks to a lower income tax rate, group net profit grew 65 percent to $2.5 million.
Revenue from India increased by 38 percent to $6.1 million; European revenue increased by 348 percent to $0.6 million; North American revenue increased to $0.5 million, an increase of 48 percent over 2005, while all other revenue increased by 69 percent to $1.3 million.
Sarin CEO Zeev Leshem said, “At Sarin, we are constantly developing new and innovative products through our strong in-house research and development efforts. In the first quarter of 2006, the group introduced a new version of its rough diamond planning Advisor II software package to enthusiastic customer feedback.
“The Advisor II software significantly enhances the ability of the manufacturers to semi-automatically map inclusions, thereby allowing more higher-grade diamonds with less inclusions to be produced, resulting in higher-value end-products. This new software package also integrates with the recently launched Quazer laser diamond cutter and shaper, enhancing the combined value of Sarin products to our customers.
In 2006, the group plans to extend its market leadership position by introducing enhancements to existing products, as well as launching new products to complement the group’s product range and broaden its earnings base.”
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