Sarine Technologies announced its financial results for the second quarter of 2016, ending June 30. The company’s revenues reached $20.9 million rising 45 percent. Its profits from operations reach $6.7 million. Its net profits reached $6 million.

The improvement in the results the company noted on y-o-y basis and sequential basis was owing to the positive sentiment in the midstream – improved midstream liquidity as they destocked in 2015, a stable consumer demand in most markets and stable polished prices and reduced rough prices helping manufacturer’s margins to improve.

In the first half, the company’s revenues reached $36.4 million with net profits being $9 million.

The company experienced a good sales with its Galaxy mapping systems in Q2, with sales to India rising 58 percent and touching $16.8 million.

The company expressed its confidence in 2016 being a good year for its Galaxy systems.