Sarine profit signals manufacturing recovery


Sarine Technologies said third-quarter sales bounced back from a year ago, reflecting an improvement across the industry.

Revenue jumped 82 percent to $17.3 million in the three months that ended September 30, driving the company to a $4 million profit versus a $1.4 million loss a year ago. Sales still lag the $20.4 million revenue reported two years ago, despite the significant growth from 2015.

An improvement in the global economy and stronger consumer demand for polished diamonds in key markets contributed to the sales turnaround, Sarine explained. The company, which supplies equipment to the manufacturing sector, noted the midstream enjoyed a recovery due to increased rough supply at economically viable prices in 2016.

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Source Rapaport