News Column

MTI Wireless Edge Swings To Profit In First Quarter

May 13, 2014

Hana Stewart-Smith

LONDON (Alliance News) - MTI Wireless Edge Ltd Tuesday said it had made good progress in the first quarter to end-March as it swung to profit, and it expressed confidence that its progress would continue throughout the rest of the year.

The flat-panel antenna manufacturer posted a pretax profit of USD51,000 for the quarter, swinging from a loss of USD55,000, as revenues rose to USD3.5 million from USD3.4 million in the previous year.

MTI Wireless said it had continued to see strong demand for its 80 gigahertz line of products, and its current shipments and order backlog for the products had increased by around 40% compared to 2013 in the quarter.

"We have made good progress in the first quarter and the board is confident that this trend will continue for the rest of the year. The board is encouraged that the outlook for the group remains positive," said Chief Executive Dov Feiner in a statement.

Shares in MTI Wireless were trading up 11% at 12.35 pence Tuesday afternoon.

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Source: Alliance News

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