21st Nov 2022 12:58
(Alliance News) - MTI Wireless Edge Ltd said on Monday that its profit grew following a strong third quarter for trading across all of its business divisions.
The Israel-based technology group said its pretax profit increased by 3.2% in the nine months that ended September 30 to USD3.2 million from USD3.1 million a year ago.
Revenue climbed by 8.4% to USD34.8 million from USD32.1 million, while its cost of sales widened to USD23.9 million from USD22.1 million.
It said all businesses grew and were profitable, including its Antenna division which expanded its presence in the 5G market.
"Demand, as shown by the increase in sales, remains strong and our markets are nearly back to normal with shipment costs reduced relatively to the high cost during Covid-19, and microchip shortages also reducing," said Chief Executive Officer Moni Borovitz.
Shares in MTI Wireless were up 3.7% to 52.88 pence in London on Monday afternoon.
By Greg Rosenvinge; [email protected]
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