MTI Wireless Edge Ltd Financial results

MTI Wireless Edge Ltd Financial results

MTI Wireless Edge Ltd., a market leader in the manufacture of flat panel antennas for fixed wireless broadband, today announces its unaudited results for the six months ended 30 June 2011.

Highlights

  • Revenue up by 21% to US$7.4m (Q1 2010: US$6.1m)
  • Gross profits 25% higher at US2.63m (Q1 2010: US$2.1m)
  • Profit from Operations of US$78k (Q1 2010: loss of US$464k)

Dov Feiner, Chief Executive Officer, commented:
"I am pleased to report that MTI has continued to deliver good progress in the second quarter of 2011.  Revenue in the period was slightly up on the previous three months and 13 per cent higher than the comparable quarter in 2010.  It is also most encouraging to see that all segments of the business showed growth in the six months resulting in a 21 per cent revenue increase against the first half of 2010.
"As announced before we are concentrating on profitability which is improving and also showing the benefit of our purchase of our building in the second half of 2010.  The group is making good progress at the operating level which, before finance costs, amounted to a profit of US$78,000, the bulk of which was achieved in the latest quarter, compared to a loss of US$464,000 in the first half of 2010.  After finance costs and tax, total comprehensive profits were US$64,000 compared to a loss of US$535,000.
"The Company's order book remains strong, and present indications are that MTI's revenue in second half of 2011 will exceed the first half of 2011."

No Comments

Post a Comment