In the first quarter of the financial year 2018/2019, the Group’s unaudited consolidated net turnover was 3 million euros, which is by 23% less compared to the first quarter of the financial year 2017/2018. Sales volumes during the period are equivalent to the results of Q4 of FY 2017/2018.
The region of North/Latin Americas had the turnover of 69%, or 2.1 million euros, being 14% lower compared with the same quarter of the previous financial year. However, it exceeds the final quarter results of the previous financial year by 20%, or 345 thousand euros.
The turnover in the AMEA (Asia, Middle East, Africa) region was 11%, or 0.3 million euros. The region’s turnover increased by 16% compared with the same quarter of the previous financial year.
A noteworthy event during the period was the involvement of SAF Tehnika to ensure the live broadcast of the visit of His Holiness the Pope Francis in Latvia, by providing a portable link solution.
The Group’s costs did not exceed the planned levels and were generally equivalent to those of the same period in the previous year. The Group continues to invest in the development of new products and product modifications.
The Group closed Q1 of the FY 2018/2019 with loss of 341 thousand euros (unaudited), contrary to the profits of the first quarter in the previous financial year.
The Group’s net cash balance at the end of the period was 3.31 million euros.
SAF Tehnika is the company with the long-term competence in development and production of microwave radios.
The Group continues to explore market demand and problematic issues in order to be able to provide necessary product modifications, as well as continues investments in product development, increasingly focusing on the diversification of its product portfolio. The goal of the Company is to stabilize sales levels to ensure a positive net result in the long term.
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, USA serving North American market.