News Bureau

 
October 11, 2017

Sarine revenue to cross US$11 million in 3Q


Sarine Technologies Ltd, a worldwide leader in the development, manufacture and sale of precision technology products for the evaluation, planning, processing, finishing and trading of diamonds and gems, shares the Group’s revenues and profitability for Q3 2017.

In our half year financials for H1 2017, we noted an initial build-up of surplus inventories of polished diamonds in the mid-stream, which, in fact, worsened built up further in the third quarter, causing manufacturers to slow additional production and hold off on capital expenditures.

The key Hong Kong trade show in the third week of September seemingly indicated expanding demand from China, which may, in conjunction with the fall holiday season shopping in the US, indeed reduce these excess inventories. In addition, the ongoing illicit operations of parties infringing on our intellectual properties, and uncertainties stemming from litigations pertaining to these issues, continued to impair our sales of capital equipment in Q3.

Sarine estimate revenues for the third quarter will just exceed US$11 million, and ‘we currently expect that we will thus record a minimal operating loss of several hundred thousand dollars, including non-cash expenses of approximately $1 million.

On that basis, we expect to report revenues of just under US$ 46 million and operating income of approximately US$ 7 million for the nine months ended September 30, 2017. The financials for Q3 2017 are expected to be released on 12 November 2017’ say Sarine.