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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 $2.1 million from $2.0 million a year before. Revenue decreased slightly to $22.4 million from $22.7 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 $15.2 million from $15.7 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.
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