(Alliance News) - MTI Wireless Edge Ltd on Tuesday reported a slightly higher profit for the first half of 2023.
The Rosh-Ha'Ayin, Israel-based communication and radio frequency technology company said in the first six months of 2023 pretax profit rose to USD2.1 million from USD2.0 million a year before. Revenue decreased slightly to USD22.4 million from USD22.7 million.
"The Antenna division benefitted from increased defence sales and this is expected to continue into the second half of the year and beyond. This helped offset a softer commercial market and, overall, the division grew revenues by 3% and this segment's profit from operations increased significantly," the company said.
Chief Executive Officer Moni Borovitz said: "Our strategy of diversification continues to support the overall positive performance of the business."
Cost of sales fell 3.2% to USD15.2 million from USD15.7 million.
Looking ahead, MTI Wireless said: "We expect defence related sales to continue to be a growth driver, alongside improved commercial sales as interest rate levels normalise. Finally, we firmly believe that there will be a step increase in our revenues from 5G in the coming years. Therefore MTI is well placed to grow and deliver attractive returns to shareholders."
MTI Wireless shares fell 5.2% to 40.30 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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