Thursday May 15, 09:49 AM
MTI Wireless Edge Q1 pretax $357,000 vs $897,000, revenue down 11 percent
LONDON (Thomson Financial) - MTI Wireless Edge Ltd (LSE: MWE.L - news) . reported a 60 percent fall in its first-quarter pretax profit due to a stronger Israeli Shekel against the U.S. dollar and a 11 percent decline in its revenue.
The maker of flat panel antennas for fixed wireless broadband posted a pretax profit of $357,000 for the three months to March 31, 2008, from $897,000 reported in the year-ago period. Revenue fell to $4.2 million for the period compared to $4.72 million earlier.
The company said its present order book is higher than three months ago, with a good level of enquiry in its military division.
MTI Wireless Edge said its production facility in India is on course to commence production in the third quarter of the current year. This facility will help mitigate the importance of the Shekel/Dollar exchange rate and also improve its supply in the Asian market, the company added.
It said it will continue its share buy back policy given its 'very strong financial position' and added it is confident about its growth prospects.
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