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Robust demand in key markets drive Sarin Q2 sales
14
Aug '08
Singapore Exchange Mainboard-listed Sarin Technologies Ltd a worldwide leader in the development, manufacturing and marketing of advanced diamond planning, evaluation, production, measuring and grading systems, announced its financial results for the quarter ended 30 June 2008.

Financial Results for the Second Quarter:
Revenues for the second quarter of 2008 reached US$11.3 million compared to US$9.3 million in the same period of 2007, an increase of 21.6%.

Gross margin for the second quarter decreased from 68.1% in the same period of 2007 to 64.8%, reflecting a different mix of products sold, including more Quazer™ green-laser diamond cutting and shaping systems.

As the Group intensifies sales and marketing efforts to consolidate its leadership in India and to grow in emerging markets, revenue from India and Africa jumped 24% to US$8.1 million and 504% to US$1.2 million respectively.

Operating profit for the second quarter of 2008 was US$2.6 million, 2.4% higher compared to the same period of 2007. Net profit for the second quarter of 2008 totaled US$3.1 million compared to a net profit of US$2.2 million for the same period of 2007, an increase of 43.2%.

To reward shareholders, the Directors have declared an interim dividend of US cent 0.8 per share. This translates to a total dividend payout of US$2.1 million, which is 27% higher than the total dividend payout of US$1.6 million for 1H 2007.

Results for the Six-Month Period:
Revenues for the six month period ended June 30, 2008 were US$21.9 million, up from US$18.6 million in the comparable period of 2007, an increase of 17.9%.

Operating profit for the six-month period ended June 30, 2008 was US$5.4 million compared to an operating profit of US$5.6 million in the same period of 2007, a decrease of 4.0%, attributable mainly to increased expenditures on research and development and sales and marketing-related activities.

Net profit for the six month period ended June 30, 2008 was US$5.1 million compared to a net profit of US$4.5 million in the same period of 2007, an increase of 15%.

Management's Comments:
“We continue to invest heavily in research and development. As a result, we expect to be launching a range of new products and significant upgrades to existing products during the second half of 2008 and into 2009,” said Zeev Leshem, CEO of Sarin Technologies.

“In addition to the growth from our traditional products, we are pleased that over 10% of our revenue in the second Quarter of 2008 is derived from the Quazer,” said Mr. Leshem, referring to the Group's innovative green laser diamond cutting system that was first launched in 2006 to positive market responses.

“As part of our ongoing efforts to improve the product, we have completed an upgraded suite of hardware and software to further improve the Quazer's performance and will be releasing these upgrades in Q3,” he added.

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