Earnings Release • Nov 3, 2010
Earnings Release
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SAF Tehnika JSC Interim Report for 3 months of financial year 2010/11
The non-audited net sales of SAF Tehnika for the first quarter of financial year 2010/11 were 3.16 million LVL (4.49 million EUR) representing a 91% increase compared with the first quarter of the previous financial year, but 16% less than the previous reporting quarter.
The net profit of for the first quarter of financial year 2010/11 was 276 thousand LVL (393 thousand EUR). The result was impacted by recording an allowance for doubtful debtors amounting to 215 thousand LVL (305 thousand EUR) based on a client’s information about their liquidity problems. It is expected that the debt will be recovered by spring 2011 based on the agreed payment schedule.
SAF Tehnika continues to pursue its strategy of focusing on new product development based on customer demands. The main focus will be switched to the development of next generation products as well as increasing manufacturing capacities to support higher customer demands.
Although longer term outlook remains unpredictable, certain stability is visible in the near future.
Aira Loite
CFO
+371 67 046 833
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