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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 14:13

Latvia’s SAF Tehnika posts EUR 825,900 in H1 profit

BC, Riga, 08.02.2017.Print version
During the first six months of its fiscal year that lasted from July 1 to December 31, 2016, the group of Latvian telecommunications equipment maker SAF Tehnika generated EUR 8.155 mln in turnover, which was 16.8% more than a year ago, while its profit rose 36.6% to EUR 825,884, according to the company’s report to the Nasdaq Riga stock exchange.

In the second quarter of the financial year the company generated EUR 4,335 mln in sales, up 25.8%, while the group’s profit increased 36% to EUR 424,743.


The company said that despite the slight decline in the second quarter, the revenues in North/Latin Americas during the six-month period exceeded 50 % of the total Group’s turnover and amounted to EUR 4.07 mln, thus demonstrating a 12% increase against the results of the first half of the previous financial year. Revenues from the European and CIS region 

represented 40% of the total turnover, having increased by 40%, or EUR 936,000, against the previous year. Revenues from the AMEA (Asia, Middle East, Africa) region decreased by 18% or EUR 180,000, thus making 10% the Group’s total six- month turnover.


More than half of the quarterly turnover – 51% or EUR 2.2 mln - was made by sales in the European and CIS region and was related to the development of data transmission solutions and products tailored to specific customer needs. This region’s result is by EUR 1.3 mln greater than in the second quarter of last year and is two times higher than the results of the preceding quarter.


The turnover in North/Latin Americas was 33% or EUR 1.4 mln. Due to the implementation of individual projects, the region’s turnover decreased by 60% as compared to the same quarter of the previous financial year. In the AMEA (Asia, Middle East, Africa) region, revenues of the second quarter amount to 16 % of the total turnover. That is by EUR 0.35 mln more than a year ago.


SAF Tehnika closed the first quarter of the previous fiscal year with EUR 3.537 mln in turnover and a profit of EUR 292,377.


SAF Tehnika Group comprises Latvia's SAF Tehnika and the US-registered companies SAF North America LLC and SAF Services LLC. SAF Tehnika is quoted on the Main List of the Nasdaq Riga stock exchange.

 







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