Israel-based Sarine Technologies has announced its financial results for the first quarter of the year (ended 31 March 2017). According to Diamond World, the diamond tech company raked in $16.3 million during the period – a 5% increase year-on-year. The hike in revenue was due to “increased capital equipment sales and higher recurring revenues”.
According to the report, gross profit was up 6% to $11.1 million. Profit from operations fell 14% and totaled $3.2 million in Q1 2017. Sarine installed 17 GalaxyTM family systems during the quarter, “bringing the total installed base to 316” by the end of March.
Sarine noted that “positive business conditions in the diamond industry are likely to persist in FY2017”. CEO David Block commented: “We have a number of significant successes in the APAC region (Asia Pacific) and the list of new customers include two new chains in Japan, K-Uno and Sadamatsu, and a large buyers’ group in Australia, Leading Edge Group. We intend to double the number of stones scanned for Sarine ProfileTM in 2017 and expect its contribution to account for around 5% of group sales this year”.
