Riga, 2017-02-08 08:30 CET (GLOBE NEWSWIRE) --
More than half of the quarterly turnover (51% or EUR 2.2 million) was made by sales in the European and CIS region. It was related to the development of data transmission solutions and products tailored to specific customer needs. This region’s result is by EUR 1.3 million greater than in Q2 last year and is two times higher than the results of the preceding quarter.
Despite the slight decline in Q2, the revenues in North/Latin Americas during the 6-month period exceeded 50% of the total Group’s turnover and amounted to EUR 4.07 million, thus demonstrating a 12% increase against the results of the first half of the previous financial year.
The Group’s products were sold in 51 countries during the reporting quarter.
The Group’s unaudited consolidated turnover for the 6-month period of the FY 2016/2017 was EUR 8.2 million, which is a 17% increase compared to the last fiscal year’s revenues in the same period.
During the 6-month period of the financial year, the Group had a negative net cash flow equaling to EUR 490 thousand. In December 2016, dividends were paid in the amount of EUR 0.34 (thirty-four cents) per share, or a total of EUR 1.009 million. As of the end of the reporting period, the net cash balance of the Group was EUR 5.4 million
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 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, USA serving North American market.
Additional information:
Zane Jozepa
CFO, Member of the Board
+371 67 046 833
zane.jozepa@saftehnika.com
www.saftehnika.com
