For Q2 of the FY 2017/2018, the Group's unaudited consolidated net turnover was 3.57 million euros, which is by 18%, or 764 thousand euros less than in Q2 of the FY 2016/2017, and by 9% less than in Q1 this year. The Group closed Q2 with the loss of 258 thousand euros (unaudited).
The unaudited consolidated result for 6 months of the FY 2017/2018 is the profit of 131 thousand euros, which is by 694 thousand euros less, compared to the 825 thousand profit that was the Group's result of 6 months of the previous FY 2016/2017. USD/EUR exchange rate continues to negatively affect Group`s net result.
Nearly half of the quarterly turnover (48% or EUR 1.7 million) was made by sales in North/Latin Americas region. It was related to the development of data transmission solutions and products tailored to specific customer needs. Projects will be continued during next quarter.
Turnover in Europe and CIS region composes 41% or EUR 1.4 million, which is equal to the average turnover of the region. However, it is lower than the result of the last year, when the quarterly result was influenced by data transmission project tailored to specific customer needs.
The Group’s products were sold in 49 countries during the reporting quarter.
The Group’s unaudited consolidated turnover for the 6-month period of the FY 2017/2018 was EUR 7.5 million, which is an 8% decrease compared to the last fiscal year’s revenues in the same period. The fluctuation of the turnover is a result of increasing share of projects in it.
The Group continues to invest in sales promotion in new and existing markets, in the meantime paying attention to product modifications to ensure specific customer needs.
During the time period from October to December SAF Tehnika took part in the most important technology shows in the Middle East and Africa – GITEX Technology Week in Dubai and AfricaCom in Cape Town, as well as presented ARANET in RigaCom technology show.
USD/EUR exchange rate negatively affects Group`s net result, especially if compared to the same period last year, when the fluctuation had a positive effect. As of the end of the reporting period, the net cash balance of the Group was EUR 4.5 million. In December 2017 dividends of 0.67 euros (sixty-seven euro cents) per share or 1.990 million euros in total were paid.
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 a certain prognosis for sales figures and operational results.
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, the USA serving North American market.
CFO, Member of the Board
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