Sarine Technologies' Q2 profit more than doubles to US$6m

SARINE Technologies' net profit for the second quarter more than doubled to US$6.04 million from US$2.68 million a year ago on the back of higher revenue due to stable demand in the mid-stream diamond industry.

Revenue rose 45 per cent to US$21 million led by higher sales of diamond manufacturing equipment and growing recurring revenue generated by the GalaxyTM family inclusion mapping systems, QuazerTM laser cutting and shaping services and annual maintenance contracts.

Earnings per share for the quarter rose to 1.73 US cents from 0.77 US cent a year ago.

The board has recommended an interim dividend of two US cents per share for the half year period ended June, higher than the 1.5 US cents per share declared previously.