Sarine Weathers 3Q Market Slump

RAPAPORT... Sales at Sarine Technologies rose in the third quarterdespite difficult trading conditions, the equipment maker said. Revenue grew 3.7% year on year to $11.7 million for thethree months ending September 30 as the company sold a larger number of Galaxymapping machines. Net profit jumped to $269,000 versus a loss of $530,000 ayear ago due to improved cost management and lower operating expenses, itadded. Overall demand for cutting equipment slowed in the quarter asbanks tightened their lending to the Indian manufacturing sector, Sarineexplained. The market also declined because of the weaker rupee, increasedinterest in synthetics, and the US-China tariff war, Sarine explained. Revenue in India, Sarine's biggest market, stillclimbed 1.6% to $7.4 million. North American sales jumped 20% to $328,000,while in Israel, revenue plunged 23% to $664,000. Sales in Africa dropped 11%to $1.3 million. Image: Sarine Headquarters in Hod HaSharon, Israel.