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Revenues for Sarin fall by 90%
The company revenues from India were lowered by 91%
By: Diamond World News Service
May 11 2009 5:42PM
Reference: 3794  


Revenues fell by 90 percent for Sarin Technologies, and amounted to $1.1 million during the first quarter of the current year ending March 31, 2009. The decline in sales were attributed to lowered demand for diamonds due to the economic recession. The company noted a net loss worth $2.5 million, while in the same three months last year it had enjoyed a profit worth $2 million.

Citing the movements of increase in the demand of polished diamonds across developing markets and major markets, the company expects to improve sales during the year. India has been the biggest market for the company so far, but it noted that revenues were lowered by 91 percent in India during the said quarter. Revenues from India amounted to $720,000. From African operations, revenues dropped by 95 percent to $38,000, within North American markets revenues slipped by 90 percent to $46,000, in Europe by 93 percent to $47,000, while in other markets they fell by 71 percent to $212,000.

In its initiative to tackle cost cutting, the company had reduced R&D expense by 42 percent, selling and marketing costs by 41 percent and general expenses by 50 percent.

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