| Home |  |
Profile | |
Support | |
Customers | |
IR | |
News | |
Articles | |
Contact Us | |
| Products For: | Diamond Manufacturers | |
Diamond Dealers | |
Retailers | |
Gem Labs | |
All Products | |
| Enter your e-mail address here to receive news about new products, events, and other Sarin news. | ||
 | ||
| ||
| • Q3 2008 revenue declined 6.9% to US$8.8M • Revenues from the Company’s primary market in India grew 8% for the quarter, but global financial crisis curtailed overall demand from diamond manufacturers • Group to reduce operating expenses by approximately 20% Singapore, 10 November 2008 – Singapore Exchange Mainboard-listed Sarin Technologies Ltd (“Sarin” or “the Group”), a worldwide leader in the development, manufacturing and marketing of advanced diamond planning, evaluation, production, measuring and grading systems, today announced its financial results for the quarter ended 30 September 2008. Financial Results for the Third Quarter Revenues for the third quarter of 2008 declined by 6.9% to US$8.8 million as compared to the same period in 2007. With the Group intensifying sales and marketing efforts to consolidate its leadership in India, Q3 2008 revenue from the Group’s primary market rose 8% to US$6.6 million in spite of challenging market conditions. However, the global financial crisis and the credit freeze resulted in an overall slowdown in demand from diamond manufacturers during the quarter. Although gross profit also dropped by 5.5% to US$5.8 million, gross profit margin improved from 64.7% in Q3 2007 to 65.7% in Q3 2008 due to a change in the product mix. With higher operating expenses compared to Q3 2007 (but lower than in Q2 2008), profit from operations declined to US$1.3 million. Profit attributable to shareholders for the quarter dropped 49% to US$1.04 million. Results for the Nine-Month Period Revenues for the nine-month period ended September 30, 2008 were US$30.6 million, up 9.5% from US$28.0 million in the comparable period of 2007. Profit from operations for the nine-month period ended September 30, 2008 was US$6.7 million compared to US$8.1 million in the same period of 2007, with the decline of 17.1% attributable to the higher Operating expenses. For the nine months of 2008, net profit dropped by 5.1% from US$6.5 million in the previous period to US$6.2 million. Management’s Comments “Operating conditions were challenging in Q3. Although we registered a growth in revenue in India for the quarter, many of our customers were affected by the global financial crisis. With the accompanying credit freeze, this may contribute to a further slowdown in capital equipment expenditures by our customers. To mitigate the effects of these global negatives, we have commenced on actions to reduce operating expenditures by approximately 20%,” said Zeev Leshem, CEO of Sarin Technologies. “We have seen a recent reduction in the prices of rough and polished diamonds. Although this may create some negative short term issues, such a development could have a positive longer term impact on our business, by creating more demand for polished diamonds and the need for additional production capacity.” “Besides enhancing our product offerings, we have also taken steps to boost sales in emerging markets such as southern Africa. Despite the short term disruption to sales due to the global financial crisis, we remain confident that this emerging market will present significant opportunities for us to expand our sales in the longer term”, added Mr. Leshem. Product Development Highlights The Group’s extensive range of rough planning products continues to dominate the market. In a move that will further enhance Sarin’s market position and expand the technological gap in rough diamond planning between its and its competitors offerings,, the Group will begin beta testing for a potential new product that utilises Galatea’s ground-breaking technology for the automated evaluation of internal features in diamonds in late 2008. Upon its successful commercialization, recurrent revenue contribution from this new product can be expected in FY2009. This press release should be read in conjunction with Sarin’s SGX Q3 2008 results announcement released on 10 November 2008. About Sarin Technologies Sarin Technologies Ltd. is a worldwide leader in the development, manufacture and sale of rough diamond planning, diamond processing and diamond grading and branding systems. The company has a global presence through wholly owned sales and support subsidiaries and a network of authorized distributors and agents. Sarin’s technology is used to provide solutions for diamond manufacturers, wholesalers, gemological laboratories and jewelry retailers. Its products are used to maximize value at every stage of diamond design, manufacturing and sale. Since its inception in 1988, Sarin Technologies has led a revolutionary transformation in the diamond industry via the introduction of technology that has dramatically changed the manner in which rough stones are processed into polished diamonds and, thereafter, bought and sold. Sarin Technologies is a publicly traded company on the Singapore stock exchange with the stock symbol U77.SI. For more information about Sarin Technologies and its products and services, visit http://www.sarin.com. Contact Cyrus Capital Consulting Mr Lee Teong Sang Principal Consultant Tel: 65-62546973 / Fax: 65-62546811 E-mail: teongsang@cyrus.com.sg Sarin Technologies Ltd Zvi Halperin Chief Financial Officer Tel: 972-3-7515490 E-mail: zvi.halperin@sarin.com |
||
| ||
Sarin Technologies is a worldwide leader in the development of advanced diamond optimization systems, diamond color grading,
diamond cut grading and laser marking machines for diamond grading & gemstone production
