Both Eltek Valere and Nera Telecommunications reported year-on-year revenue
growth, improved gross margin and higher operating results for the first quarter
2011. Overall revenue was NOK 982 million, an increase of 20 percent from the
first quarter last year (817), with a sharp improvement in EBIT to NOK 60
million (0). Profit before tax amounted to NOK 34 million in the first quarter
(-6).
Eltek Valere reported revenue of NOK 803 million for the first quarter, up 24
percent from the first quarter 2010 (648). Gross margin continued to increase,
to 27.5 percent (26.0), contributing to an increase in operating profit (EBIT)
to NOK 56 million (17). Order entry increased 12 percent to NOK 816 million
(727), and the order backlog stood at NOK 770 million at the end of the first
quarter (523).
Nera Telecommunications reported revenue of NOK 179 million for the first
quarter, up six percent from the first quarter 2010 (169). Gross margin
increased to 26.8 percent (21.8), and EBIT increased to NOK 14 million (9).
Net profit from the continuing operations was NOK 20 million for the first
quarter 2011 (-7). As earlier communicated, the discontinued operations in Nera
Networks had a net loss of NOK 29 million, generating an overall net loss for
the Group of NOK 9 million in the first quarter 2011.
The positive start to the year provides upside to the company's moderate growth
expectations for the telecom power market from 2010 to 2011. Eltek Valere also
sees a positive growth outlook for its industrial applications business, and
expects to gain traction in its solar power inverter business during the year.
Please find enclosed the interim report for the first quarter 2011 on
http://www.newsweb.no
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
1Q 2011 Report Eltek:
http://hugin.info/86881/R/1512676/448313.pdf
1Q 2011 Key Figures Eltek:
http://hugin.info/86881/R/1512676/448314.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eltek ASA via Thomson Reuters ONE
[HUG#1512676]
