14th May 2018 10:12
LONDON (Alliance News) - Shares in antennae manufacturer MTI Wireless Edge Ltd fell sharply Monday after its first quarter profit fell alongside revenue despite it continuing to expect both to grow for the full year.
Shares in MTI were 13% lower at 26.00 pence on Monday.
For the three months ended March, pretax profit fell to USD166,000 from USD233,000 the year prior. This was after revenue fell to USD6.16 million from USD6.21 million the year before.
Chief Executive Dov Feiner said the profit fall was "due to us taking a calculated long term view of the business and increasing the investment in development and sales efforts."
"We believe that during the reminder of the year we will achieve our goal of increasing revenue and profits year on year," he added.
"During the first quarter of 2018 we continued to see good progress in meeting our internal goals in both segments of our business," Feiner said. "In our wireless controller segment, via Mottech, we see opportunities to grow the business in the various geographical areas we are now focusing on, including North America and China."
"In the antenna segment we continue to see good demand in our military, RFID and Millimetre Wave solutions," Feiner continued. "Given the current order book and pipeline of opportunities in both segments, we have a strong belief that our growth will continue in 2018 and beyond."
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