|
MTI Wireless Edge Ltd on Tuesday posted higher revenue in the first half, offset by an increase in spending which undermined the defence-focused firm’s profit. The Rosh Haayin, Israel-based producer of military and commercial antennas said sales grew 8.1% to $24.1 million in the six months that ended June 30 from $22.3 million a year ago. The Antenna division’s revenue climbed 23% to $8.3 million from $6.7 million. However, revenue from Distribution & Consultation Services decreased to $7.9 million from $8.1 million on-year, while the Adjustment & Elimination unit widened its loss to $314,000 from $261,000. Cost of sales ticked up to $16.3 million from $15.4 million, leaving pretax profit 1.5% lower at $2.27 million from $2.30 million. Basic earnings per share remained 17% ahead of the previous year at 2.50 US cents from 2.14 cents. According to MTI, demand for antennas is strong in both the 5G data market and defence sector. Around 40% of the data market is based in India, ‘though demand from this region remains challenging to predict,’ MTI noted. ‘Global defence spending is increasing, particularly on next-generation military hardware, where antennas play a crucial role, a trend which is benefiting the division significantly,’ the antenna maker added. Heading into the second half, MTI described its order backlog as ‘encouraging’, and third-quarter trading as ‘promising’. Back in July, the Israeli firm reported new contracts worth approximately $1.6 million with three existing customers in the defence sector. They include one domestic and two international companies, which MTI did not name. Back in May, subsidiary MTI Summit Electronics Ltd increased its stake in PSK Wind Technologies Group Ltd to 60% from 51%. PSK supplies the Israeli military with communications systems and was acquired by MTI in early 2022. MTI predicted a ‘successful’ year ahead amid Israel’s war on Gaza. MTI shares were down 2.3% at 47.38 pence on Tuesday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
