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11-05-2015, 08:07 AM
Sarine Technologies 1Q2015 earnings tumble on weak demand
By Frankie Ho / theedgemarkets.com | May 11, 2015 : 6:50 AM MYT
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SINGAPORE (May 11): Sarine Technologies, which makes equipment for processing and evaluating diamonds, said its 1Q2015 earnings fell to US$871,000 ($1.16 million) from US$9.1 million a year earlier, hurt by weak consumer demand worldwide and a credit crunch on diamond manufacturers in India.
Revenue tumbled 50% to US$12.2 million.
Equipment sales in almost all its markets declined. Revenue in India, its biggest market, fell 54.6% to US$8.8 million.
Prospects in the coming quarters are not likely to get any better, according to Sarine, citing continued weak demand in markets including Hong Kong, where sales have languished following China's anti-corruption drive, and the Middle East, where the sharp fall in oil prices has dented diamond sales.
The credit crunch facing second- and third-tier diamond manufacturers in India will also continue to weigh, said Sarine.
Sarine shares ended flat at $1.965 last Friday.
By Frankie Ho / theedgemarkets.com | May 11, 2015 : 6:50 AM MYT
Share on facebook
Share on twitter
Printer-friendly versionSend by emailPDF version
SINGAPORE (May 11): Sarine Technologies, which makes equipment for processing and evaluating diamonds, said its 1Q2015 earnings fell to US$871,000 ($1.16 million) from US$9.1 million a year earlier, hurt by weak consumer demand worldwide and a credit crunch on diamond manufacturers in India.
Revenue tumbled 50% to US$12.2 million.
Equipment sales in almost all its markets declined. Revenue in India, its biggest market, fell 54.6% to US$8.8 million.
Prospects in the coming quarters are not likely to get any better, according to Sarine, citing continued weak demand in markets including Hong Kong, where sales have languished following China's anti-corruption drive, and the Middle East, where the sharp fall in oil prices has dented diamond sales.
The credit crunch facing second- and third-tier diamond manufacturers in India will also continue to weigh, said Sarine.
Sarine shares ended flat at $1.965 last Friday.