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
Aira.Loite@saftehnika.com
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