Israel-based Singapore Exchange listed Sarin Technologies, a worldwide leader in the development, manufacturing, marketing and sale of precision diamond technology has posted its financial results for the second quarter and six months ended 30 June 2010, boasting record results.

According to the company's website, its Q2-2010 revenue of $14.3 million, and net profit of $4.6 million, set new record for the Group’s quarterly performance.

The diamond-tech company said that the three months ending on June 30, 2010, saw a 290% spike in revenue over the previous corresponding period to a record quarterly high of $14.3 million. The increase spanned all geographical segments and was boosted by ongoing positive momentum in Galaxy product-related activities which contributed more than 10% of Group revenue.

Sarin recorded revenue of $27.9 million in H1 2010, an improvement of 489% over H1 2009. Gross profit soared 457% to $9.5 million and lifted the gross profit margin to 66%. To reward shareholders, the Board has declared an interim dividend.

“Going forward, we believe the industry may not expand as aggressively. The record results we have just reported for the first six months may not repeat themselves in full in the upcoming half year,” Sarin’s Chief Executive Officer Uzi Levami said.

“Having said that, deliveries of the GalaxyTM 1000 product continued on a very selective basis in Q2 2010, but in view of the growing demand for this unique product from leading customers in major industry centers, including Belgium, Russia and Africa, we expect installations of GalaxyTM 1000 at our customers’ premises to accelerate from Q3 2010,” Levami added.

"The Group had expanded the capacity in its Belgium Galaxy service centre ahead of schedule in Q2 2010. New services centers in southern African countries and Russia are planned to open later this year."