Sarine Tech reports surge in net profit to US$12.6 mil for 1H21

Sarine Technologies has reported net profit of US$12.6 million ($17.0 million) for the 1HFY2021 ended June, over 10 times higher than the net profit of US$1.2 million posted in the corresponding period the year before.

The higher profit was due to the higher revenue and gross profit margin (GPM) registered during the half-year period.

1HFY2021 revenue surged 60.5% y-o-y to US$36.0 million. This was due to the higher manufacturing activities in India, which began towards the end of the 3QFY2020 and continued towards 2021.

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