11/14/2019 | Press release | Distributed by Public on 11/14/2019 03:51
In the first quarter of the financial year 2019/2020, the Group's unaudited consolidated net turnover was3.99 million euros, which is 32% more than in the first quarter of the FY 2018/2019. The Group ended the first quarter of the financial year 2019/2020 with a profit of EUR 258 thousand (unaudited).
The turnover in Europe and CIS countries amounts to 43% or EUR 1.76 million, which is 3 times higher than the volume of the first quarter of the previous financial year. It is also the highest quarterly turnover in the last 2 financial years and can be explained by successful sales at the end of the previous quarter.
The turnover in North and Latin Americas was 42% or EUR 1.66 million. Compared to sales in the same quarter last financial year, the turnover decreased by 21%.
The turnover in the AMEA (Asia, Middle East, Africa) region was 14% or EUR 568 thousand. It is up by 65% compared with the turnover of the same quarter last financial year.
The Group's costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.
The Group ended the first quarter of the financial year 2019/2020 with a profit of EUR 258 thousand (unaudited). The result of the Q1 of the previous year was a loss of EUR 342 thousand.
The Group's net cash balance at the end of the period was 3.37 million euros.
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. 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.