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International Internet Magazine. Baltic States news & analytics Tuesday, 20.08.2019, 19:28

SAF Tehnika Group posts EUR 490,000 loss in six months of 2018/2018 FY

BC, Riga, 13.02.2019.Print version
Latvian telecommunications equipment maker SAF Tehnika closed the first six months of the 2018/2019 financial year with EUR 490,000 in loss, according to the company’s statement to the Nasdaq Riga stock exchange reported LETA.

The group’s unaudited consolidated sales in the said period reached EUR 6.96 mln or down 7% y-o-y.

During the reporting period, SAF Tehnika participated in trade fairs, including the US largest exhibition for wireless internet service providers (WISP) – WISPAPALOOZA in Las Vegas, as well as in the largest African technology event – AfricaCom, and in the largest technology exhibition of the Middle East, Gitex, held in Dubai, UAE.

The group continues to explore market demand and problematic issues in order to be able to provide necessary product modifications, as well as continued investments in product development, increasingly focusing on the diversification of its product portfolio.

The company’s goal is to stabilize sales levels to ensure a positive net result in the long term. The board of SAF Tehnika retains caution and refrains from making certain predictions regarding future sales volumes and financial results.

For the second quarter of the financial year, the group's unaudited consolidated net turnover was EUR 3.9 mln, which is by 10% more than a yer ago. The group closed the second quarter with a loss of EUR 149,000.

Most of the quarterly turnover was made by sales in North/Latin Americas region – 57% or EUR 2.2 mln. It was related to specific project realization in the region and is the highest quarterly turnover since the beginning of the previous financial year.

Turnover in Europe and CIS region composes 37% or EUR 221,000, which is equal to the result of the previous second quarter.

The group’s products were sold in 52 countries during the reporting quarter.

SAF Tehnika Group comprises Latvia’s SAF Tehnika, as well as US-registered companies SAF North America LLC and SAF Services LLC. SAF Tehnika shares are quoted on the Nasdaq Riga Main List.

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