Good for Business, Latvia, Technology

The unaudited consolidated result for the six-month period in the current financial year is the profit of EUR 605,000, which is by EUR 119,000 more compared to the Group's result of six months of the previous financial year when the profit was EUR 485,000 but largely due to revenues from currency fluctuations.

In the second quarter of the 2015/16 financial year, the Group’s unaudited consolidated net turnover was EUR 3.45 million, which is by 6% or EUR 0.2 million less than in the same quarter of the previous financial and by 3% less than in the first quarter of the current financial year. The second-quarter profit was EUR 312,000 euros (unaudited), which is by EUR 112,000 more year-on-year.

The major part of the turnover in Q2 (64% or EUR 2.2 million) was made by sales in North/Latin Americas, which is by 51% more than in the first quarter because of specific customer needs and development of tailored solutions and products for data transmission. This region’s result rose by 38% as compared to the second quarter in the previous financial year. The Group’s products were sold in 49 countries during the reporting quarter.

The Group had a positive net cash flow during the six months of the current financial year at EUR 1.482 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. Although the result of the reporting period is positive, the Board of SAF Tehnika cannot provide certain prognosis for sales figures and operational results,” the company’s management said.

In the 2014/15, financial year lasting from July 1, 2014, to June 30, 2015, SAF Tehnika reported consolidated net turnover of EUR 12.85 million, up 6.9% year-on-year, and boosted its profit to EUR 1.279 million compared to EUR 127,000 profit in the previous financial year.

Founded in 1999, SAF Tehnika has been listed on the Nasdaq Riga stock exchange since 2004. The company have two subsidiaries in the US - SAF North America and SAF Services.