Telit Communications sees swing to profit after sale of automotive unit

Writer, Stock Market Wire
Wednesday, July 17, 2019 - 07:40

Internet of Things investor Telit Communications said it expected to report a fall in first-half revenue, but a swing to profit, after it sold its automotive business.

Revenue for the six months through June was seen falling to $189.5m, down from $201.7m on-year, with the period including only a two-month contribution from the automotive business.

Revenue from continuing business was up by around 7.2% to $179.5m.

Profitability was expected to show continued improvement, with a positive profit in cash, compared to a $5.7m loss a year earlier.

As at 30 June, net cash was $44.0m, compared to net debt of $34.0m at the end of December.

'We are now a more efficient organisation, focusing on growing our industrial IoT products and services, while improving the overall profitability of the business,' chief executive Paolo Dal Pino said.

'We remain on track with our operational and financial targets.'

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