Sarin’s Q1’11 revenues dip 9.6%

At the end of the first quarter of 2011, Sarin Technologies Ltd. noted revenues dipping by 9.6 percent (y-o-y) to $12.3 million and a 25 percent drop in profits to $3.3 million. Cost of sales increased 4 percent to $4.3 million, and group profit margin was 65 percent (69 percent in q1 of 2010).

Geographically, sales to India (which otherwise is its strongest market) stood at $9.4 million after dropping 15 percent (y-o-y). Sale in Africa rose 20 percent to $1.1 million, and by 36 percent in Europe to $437,000. Sale in North America dropped 15 percent to $212,000.

The company has outlined its sales and marketing efforts towards leveraging Galatea technology and increase the Group's market share; market its ‘Strategist’ product; and hopefully launch the Light Performance Technology derived products this year.