Sarine Sales Fall Amid Lower Equipment Demand

RAPAPORT... Sarine Technologies saw a slight drop in revenue during the secondquarter after orders for its diamond-mapping units fell in India, the company said Sunday. Total sales fell 1.1% year on year to $18 million for the threemonths ending June 30. Revenue from India declined 5% to $12 million, even as 16 of the 20 Galaxy systems that Sarine sold during thequarter were in that market. North America sales tumbled 17% to $213,000, while those in Israel fell 4% to $896,000. Africa was Sarine's only growth center, with sales up 139% to $2.6 million. Profit rose 28% to $4.1 million due to lower operating expenses, theIsrael-based company noted. Sarine is still pursuing several patent and copyrightinfringement cases through Indian court systems. The company had also beentaking legal action against Rose Gems, which Sarine accused of manipulating thereported weights of diamonds processed by its Galaxy machine. Rose Gems has"taken responsibility for such actions and has agreed to all conditions set bySarine," the company said, adding that the lawsuit had been closed.