Riga, 2017-11-08 08:31 CET (GLOBE NEWSWIRE) --
62% of the quarterly turnover (2.4 million euros) is made by sales in North/Latin Americas. The region’s result is down 7% compared to last year’s first quarter. Solutions tailored to specific customer needs still dominate sales in the region.
The turnover in the European and CIS region was 30% or 1.2 million euros, which is up 16% compared to the first quarter of the previous year, as well as equivalent to the average regional turnover.
The Group’s costs did not exceeded the planned levels but were generally higher than during the same period a year ago due to investments in sales promotion in existing and new markets.
The Group closed first quarter of the financial year 2017/2018 with profit of 389 thousand euros (unaudited), which is down 3% compared to Q1 last year. USD/EUR exchange rate has negatively affected the Group’s net results.
The Group’s net cash balance at the end of the period was 6.55 million euros
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
