- Sarine Technologies (SGX:U77)'s FY22 revenue declined 5% y-o-y, within expectations. Diamond markets have since moderated from its exceptional highs in FY21, which was largely due to strong capital equipment sales and a strong recovery in recurring revenue.
Sarine's FY22 earnings fell 46% y-o-y, below expectations.
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- In addition, Sarine Technologies's net profit in 2H22 was also below our expectations on account of a US$0.6m charge associated with a repatriation of funds from Sarine Technologies’s subsidiary in India. The higher general and administrative expenses were also a result of legal fees with regards to patent and copyright litigations as well as an increase in bad debt provisions. Full-year earnings came in at US$8.7m, below our expectations of US$11.2m.
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Sarine to acquire majority stake in grading lab GCAL, accelerating e-grading’s acceptance by the market.
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