Riga, 2017-08-16 08:17 CEST (GLOBE NEWSWIRE) --
The major part of the quarter turnover was still made by sales in North/Latin Americas gaining 68% of the quarterly turnover. This region’s result is by EUR 1.38 million greater than in Q4 last year and exceeds the result in Q3 of this FY by EUR 1.2 million.
The European and CIS region gave 25% of the turnover in Q4 of FY2016/17. This turnover of the region is equal to last year`s turnover of the Q4 and exceeds the result in Q3 of this financial year by 16%.
The Group’s unaudited consolidated turnover for the financial year 2016/17 was EUR 17.05 million, which is a 24% increase compared to revenues of the previous financial year.
The unaudited consolidated result for the FY 2016/17 is the profit of EUR 1.73 million, which is by EUR 807 thousand more comparing to the Group’s result of the previous financial year when the profit was EUR 925 thousand.
The Group had a positive net cash flow during 12 months of the FY, equaling to EUR 599 thousand. As of the end of the reporting period, the Group’s net cash balance was EUR 6.5 million.
This financial year SAF Tehnika has received EUR 0.3 million as co-financing from EU funds to support product development and marketing activities. During this period EUR 270 thousand have been invested in fixed assets.
At the end of May, SAF Tehnika announced the launch of the innovative IoT (internet of things) environmental monitoring solution – Aranet. It is industrial level wireless monitoring solution that allows monitoring temperature, humidity and CO2 level in a wide range. This is SAF Tehnika` s attempt to expand its range of products in new sectors not related to its core business activities.
In period from April to June SAF Tehnika participated in 16 industry related exhibitions in North America, Europe, Asia and Latvia. Also SAF Tehnika blog was launched during this quarter. The blog is a place where company`s engineers, sales representatives, product managers and executives publish articles on industry news, etc.
SAF Tehnika is the company with the long-term competence in development and production of microwave radios. SAF Tehnika will proceed with its work on new high-quality products for the microwave data transmission market, providing not only standardized solutions, but also product modifications in order to meet customers’ special needs, as well as searching innovative ideas for applying microwave data transmission. 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 certain prognosis for sales figures and operational results.
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 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
