Telit Communications swings to profit after automotive asset sale

Writer, Stock Market Wire
Monday, September 9, 2019 - 07:41

Internet of Things company investor Telit Communications swung to a first-half profit after falling sales were offset by lower spending on R&D and marketing.

Pre-tax profit for the six months through June amounted to $58.1m, compared to a $12.8m on-year loss.

The improvement came even as revenue fell 11% to $190.7m, owing to the sale of the company's automotive assets.

Excluding that sale, revenue rose 7.6% to $180.3m.

'Since I joined Telit, our key focus has been on the completion of the automotive sale, the reorganisation of our management team and the refocus of our company's portfolio towards more innovative industrial IoT products and services, all of which has helped improve our financial performance,' chief executive Paolo Dal Pino said.

'Thanks to these efforts, we have seen significant improvement in our cash generation, driven by solid revenue growth and our cost optimisation plan is fully on track to meet our targets.'

'We are encouraged by our performance in the first half and remain confident that full-year results will be in line with the board's expectations.'


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