Riga, 2018-05-16 16:15 CEST (GLOBE NEWSWIRE) --
The turnover of North/Latin Americas was 59% or 1.7 million euros. Compared with the same quarter last financial year, the region’s turnover decreased by 24%, due to the fact that already started custom-tailored solutions were finalized, but new ones have not reached the implementation phase during this quarter in the region.
The turnover in the European and CIS region was 33% or 948 thousand euros, which is equivalent to the average regional turnover and almost the same as in the previous financial year. However, it is 34% less than in the second quarter of the year, when the successful result was due to the development of a specific custom-tailored data transmission solution.
The Group’s products were sold in 45 countries during the reporting quarter.
Analyzing a longer period of time, the third quarter is usually the lowest result for the Group due to the winter period on most of the target market. The microwave radio market has not experienced any rapid changes during the last quarter, and, in our opinion, is not expected to any time soon, however, competition is growing, especially as regards standard equipment.
The Group’s unaudited consolidated turnover for the 9-month period of the FY 2017/2018 was EUR 10.4 million, which is a 13% decrease, compared to the last fiscal year’s revenues in the same period. The fluctuation of the turnover is a result of increasing share of projects in it.
The unaudited consolidated result for 9 months of the financial year 2017/2018 is the loss of 221 thousand euros.
The Group continues to invest in sales promotion in new and existing markets, in the meantime paying attention to product modifications to ensure specific customer need, as well as investment in new products.
USD/EUR exchange rate negatively affects Group`s net result, especially if compared to the same period last year, when the fluctuation had a positive effect. As of the end of the reporting period, the net cash balance of the Group was EUR 3.9 million.
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. 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. Board of SAF Tehnika cannot provide a 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, the USA serving North American market.
Additional information:
Zane Jozepa
CFO, Member of the Board
+371 67 046 833
zane.jozepa@saftehnika.com
