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Friday, 26.04.2024, 02:49
SAF Tehnika reports profit of EUR 1.733 mln for 2016-2017
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During the fourth quarter of the financial year from March 31 to June 30,
2017, the Group's turnover was EUR 5.117 million, which is by 38.3% more than
in the same period in the previous financial year. The Group closed the fourth
quarter with a profit of EUR 583,001, growing 1.8% year-on-year, reporting the
highest quarterly sales in the past ten years, the company said.
The revenues in North/Latin Americas exceeded 58% of the total Group’s
turnover and amounted to EUR 9.83 million, thus demonstrating a 38% increase
against the results of the previous financial year. Revenues from the European
and CIS region represented 33% of the total turnover, having increased 16%, or
EUR 770,000, against the previous year. Revenues from the AMEA (Asia, Middle
East, Africa) region decreased 9% or EUR 164,000, thus making 9% the Group’s
total turnover.
The Group’s costs did not exceeded the planned levels but in total were
bigger than during the same period a year ago due to investments into current
and new markets for sales promotion, changes in remuneration and provision for
performance bonuses.
"Although both an increase and fall in demand have been observed in
different customer segments, the microwave radio market as a whole has not
experienced any rapid changes during the reporting quarter, and is not expected
to any time soon. There is still an increase in demand for radio systems that
provide enhanced data transmission rate and can be enhanced and updated in
order to improve data usage. Such requirements increasingly set the trend for
introducing new products, including both SAF
Tehnika and the market in general," the company’s management said.
In the previous financial year SAF
Tehnika Group generated EUR 13.707 million in turnover and earned a profit
of EUR 925,267.
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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