Sarin Q3 Sales Down 6.9%

Diamond tools maker Sarin reported a 6.9 percent decrease in revenues to $8.78 million in the third quarter, hurt by the slow down in the U.S. retail market and an uncertain Russian production scene, the company reported Monday.

Sales of Sarin's Quazer laser sawing system accounted for sharp rise in Europe sales

Sarin’s profit fell 49 percent in the quarter to $1.04 million, affected mainly by a sharp rise in legal expenses. The company also reported an increased investment in research and development, focusing on upgrades and new products.

In a further sign of the uncertain economic times, the company increased by 550 percent its allowance for doubtful payments, setting aside $130,000.

Revenues in India increased 8 percent to $6.6 million, mainly from sales of rough diamond planning products while sales in Europe soared 46 percent backed by strong sales of the Quazer laser sawing system. Conversely, sales in Africa dropped 63.7 percent to $0.5 million.

Sarin holds a 23 percent stake in IDEX Online.