Military and civilian antenna manufacturer is the latest Israeli company listed on London’s Alternative Investment Market (AIM) to MTI Wireless Edge Ltd. (AIM:MWE) publish a disappointing financial report and even more disheartening guidance. The maker of panel antennas for fixed wireless broadband is controlled by MTI Computers and Software Services Ltd. (TASE:MTCO) with a 54% stake.
MTI Wireless published its unaudited financial report for the first half of 2009 on Friday. Revenue fell 22% to $6.9 million from $8.9 million in the first half of 2008,
Operating profit plummeted to $113,000 in the first half from $520,000 in the first half of last year, and the company posted a net loss of $7,000 compared with a net profit of $1.2 million in the first half of last year.
MTI Wireless CEO Dov Feiner, "Trading in the second half has remained challenging as the company operates in difficult market conditions. However, the management has continued its rigorous control on costs which has enabled the company to remain profitable during this period on lower revenue levels."
Feiner added, "Whilst we do not see significant near term improvement in our market, we are witnessing encouraging signs that our market will not decline any further."
MTI Wireless' share closed ₤0.16% on Friday. MTI Computer's share was unchanged at NIS 5.10 by early afternoon on the TASE today.
Published by Globes [online], Israel business news - www.globes-online.com - on August 2, 2009
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