Sarin Q1 Revenue +61% Thanks to Zimbabwe Production

(IDEX Online News) – Singapore listed Sarin reported record revenue and a sharp rise in profit in the first quarter. The company credited expanding manufacturing needs in India to meet the growing supply from Zimbabwe.

Sarin earned $19.7 million in the first quarter, a 61 percent year-over-year increase and a record quarterly earning for the company.

Net profit increased 137 percent to $7.8 million in the March ending quarter.

Compared to the fourth quarter of fiscal 2011, revenue and net profit grew 40 percent and 63 percent, respectively.

The diamond tools maker said an overall positive business sentiment, accelerated Galaxy related sales and services, and a trend of expansion in diamond manufacturing capacity in India to meet the increased supply of Zimbabwean rough diamonds, drove demand for Sarin’s traditional planning systems.

Sarin said it expects growing diamond jewelry demand in Asian markets, in particular China and India, to continue to drive expansion in 2012.