SARINE’S REVENUE FALLS IN Q2 2019 OVER “INDUSTRY CHALLENGES”
Israel-based tech company Sarine Technologies has published its 2nd quarter results as well as its half year results (ended June 30, 2019). According to IDEX Online, Sarine’s revenue totaled $11.597 million in Q2 2019 – a decline of 35.4% compared to Q2 2018 numbers. In H1 2019, the company’s revenue totaled $22.519 million – a fall of 35% compared to H1 2018 numbers.
All in all, the company lost $892,000 in Q2 2019, against a profit of $4.674 million in the same period in 2018. For H1 2019, loss from operations totaled $1.717 million – compared to a profit of $8.238 million recorded during the same period of 2018.
Sarine gave several reasons for its declining performance in the 2nd quarter: “The level of midstream polishing activities continued to be restrained amidst industry challenges, namely, working capital issues faced by diamond manufacturers under credit tightening policies by Indian banks, dampened consumer sentiments in the Chinese market arising from the ongoing trade disputes with the US, as well as uncertainties surrounding lab-grown diamonds (LGD)”.