Mainboard-listed Sarin Technologies, the manufacturer of precision technology products for the evaluation of diamonds, says for the three months ended 30 June 2010 (2QFY2010), revenue rose 290% over the previous corresponding period to a record quarterly high of US$14.3 million ($19.4 million).

The increase was broad-based across all geographical segments and was boosted by ongoing positive momentum in Galaxy product-related activities which contributed more than 10% of group revenue. On a sequential quarterly basis, revenue was up 6% with broad based growth across all regions except Africa, which benefited from significant sales to a major new client in Q1 2010. The group recorded revenue of US$27.9 million in 1HFY2010, an improvement of 489% over 1HFY2009.

Due to higher revenue in 2QFY2010, gross profit soared 457% to US$9.5 million and lifted the gross profit margin to 66%. The group reversed the loss incurred in 2QFY2009 to achieve a record quarterly net profit of US$4.6 million in 2QFY2010, an improvement of 6% over the US$4.4 million reported in 1QFY2010. Record 1HFY2010 net profit of US$9.0 million is a sharp turnaround from the loss of US$3.4 million for 1HFY2009.

The board has declared an interim dividend of 1.25 US cents per ordinary share for the six months ended 30 June 2010.