10th Nov 2014 09:37
LONDON (Alliance News) - MTI Wireless Edge Ltd Monday said it was encouraged by its positive outlook for the year, and expressed confidence in seeing further progress, as it saw pretax profit rise in the nine months to end-September.
The flat panel antenna manufacturer posted a pretax profit of USD110,000, up from USD56,000 a year before, as revenues rose to USD10.7 million from USD10.0 million.
MTI Wireless said that it saw a 5% depreciation in the dollar against the new Israeli shekel in the third quarter, which was in its favour for the long run, but had led to a larger finance expense that reduced profitability in the third quarter.
It continued to see strong demand for its 80 gigahertz products, and said it expects to see revenue from this product line double in 2014 compared to 2013.
"We have made good progress in 2014, and the board is confident that this trend will continue. The board is encouraged that the outlook for the group remains positive," said Chief Executive Officer Dov Feiner in a statement.
Shares in MTI Wireless were down 6.9% at 8.50 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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