Sarine Q2 net profit up 27.9% to US$4.1m

PRECISION technology products maker Sarine Technologies saw net profit rise to US$4.1 million for the fiscal second quarter ended June 30, up 27.9 per cent from US$3.2 million in the year-ago period.

This was despite revenue for the quarter edging down 1.1 per cent to US$18 million from US$18.2 million in the year-ago period. Sarine said increased profits were due primarily to lower operational expenses and a more normalised tax rate.

Earnings per share for the quarter were 1.18 US cents, or 1.61 Singapore cents, up from 0.92 US cent, or 1.26 Singapore cents, for Q2 2017.

For the first half of the year, Sarine's net profit was US$7.2 million, up 27.4 per cent from S$5.7 million. Revenue edged up 0.6 per cent to US$34.6 million from US$34.3 million.

Sarine has declared an interim dividend of 2.0 US cents per ordinary share for the half-year, in line with its declared dividend for H1 2017.

Sarine manufactures precision technology products used in the gemstone industry. It said that sales programmes using its Sarine Profile diamond reports continued to expand in the Asia-Pacific region, with new and expanded programmes starting with new and existing retailers. A new service centre will be launched in Japan later in August to support the group's expansion there. The group is also intensifying efforts to grow its market presence in China.