Riga, 2016-11-09 15:05 CET (GLOBE NEWSWIRE) --
The major part of the Q1 turnover (69% or EUR 2.6 million) was made by sales in North/Latin Americas and was related to the development of data transmission solutions and products tailored to specific customer needs. This region’s result is by EUR 1.2 million greater than in Q1 last year and exceeds the result in the preceding quarter by 25%.
The European and CIS region gave 27% of the turnover in Q1. The region’s turnover decreased by 27% as compared to the same quarter of the previous FY. The above fluctuations are related to the implementation of individual projects.
The Group finished Q1 of the FY 2016/2017 with profit of EUR 401 thousand (unaudited), which is by 109 thousand more than in Q1 of the previous financial year.
The Group had a positive net cash flow during the first three months of the financial year, equaling to EUR 64 thousand. As of the end of the reporting period, the net cash balance was EUR 5.8 million.
SAF Tehnika is the company with the long-term competence in development and production of microwave radios. The Group continues to explore market requirements and problematic issues in order to be able to provide necessary product modifications. The Group is financially stable. The goal of the Company is to stabilize sales levels to ensure a positive net result in the long term. The Board of SAF Tehnika maintains cautious optimism, but cannot provide a sales and performance forecast.
About SAF Tehnika:
„SAF Tehnika” JSC is an ISO certified wireless data transmission equipment manufacturer. The company's products are produced in Latvia, Europe and sold in over 130 countries worldwide. „SAF Tehnika” has been listed on NASDAQ OMX Riga since 2004. SAF Tehnika wholly owns subsidiaries “SAF North America” LLC and “SAF Services” LLC. Both of the mentioned companies are operating from Denver, CO, USA serving North American market.
Additional information:
Zane Jozepa
CFO, Member of the Board
+371 67 046 833
zane.jozepa@saftehnika.com
www.saftehnika.com
