StockMarketWire.com - Antenna company MTI Wireless Edge posted a modest rise in first-quarter profit, as higher sales were offset by a rise in financing costs owing to currency fluctuations.

Pre-tax profit for the three months through March rose to $0.72m, up from $0.56m on-year. Revenue climbed 5% to $9.56m.

MTI Wireless Edge said its finance expenses were higher than typical, as a result of currency exchange fluctuations caused by the Covid-19 pandemic, with some of that effect having reversed to date.

'I am extremely pleased to report that during the first quarter we delivered growth consistent with previous years,' chief executive Moni Borovitz said.

'We believe that technology companies will be at the forefront of the recovery from the Covid-19 pandemic, particularly those such as our antenna division, as our end customers look to new technology, such as 5G, to increase their network data capacity to meet the demands of flexible and remote working.'

'However, it is hard to predict the speed of the recovery as travel and health restrictions are impacting on our supply chain as well as our customers' ability to upgrade their data networks and installations.'

'Overall, the combination of our strong balance sheet and the market outlook for our industry, makes us confident we will weather the Covid-19 storm and be well placed to participate in the economic recovery.'


At 9:50am: [LON:MWE] MTI Wireless Edge Ltd share price was +0.5p at 37p



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