Sarine: Higher Revenue In Q1, But Lower Net ProfitMay 14, 17
(IDEX Online) – Technology firm Sarine Technologies posted a rise on the year in revenue in the first quarter of 2017, but a lower net profit due to higher operating costs.
The company said the rise in revenues was due to increased diamond manufacturing equipment sales as well as higher recurring revenues, mainly in India.
Increases in sales were most marked to Europe, Africa and India, rising by 25 percent, 22 percent and 6.4 percent, respectively.
However, sales to North America and Israel dropped by 25 percent and 14 percent, respectively.
Sarine said that global economic indicators tend to be positive, though geopolitical uncertainties remain.
All retail diamond jewelry markets remain robust, apart from the Indian market. In China, demand is growing for luxury goods in general, and diamond jewelry in particular, after a two-year hiatus.
De Beers and other major producers sold more goods in the first quarter than in the year-earlier period. "The issue as to whether too many rough stones are entering the midstream needs to be closely monitored," Sarine warned.