NeraTel achieved revenue in the first quarter of SGD 43.5 million, compared to SGD 35.9 million in the corresponding quarter last year. EBIT for the quarter was SGD 7.9 million compared to SGD 3.0 million in in the first quarter 2011. Net profit was SGD 6.5 million compared to SGD 2.3 million in the first quarter 2011.
Subject to certain conditions, Eltek in February 2012 entered into an agreement to divest all its shares in NeraTel and is reporting NeraTels result on one line in the Eltek Groups Income Statement. Please also note that due to different accounting principles Eltek will report different figures for NeraTel in its Group results.
For further information, please contact:
CFO Eltek ASA, Pål Skistad, tel: +47 908 50 378
About Eltek ASA:
Eltek is a strategic technology partner within power solutions. The Company reported revenue of NOK 3.6 billion in 2011, and has close to 2,900 employees in close to 40 countries. Following the proposed divestment of Nera Telecommunications, Eltek focuses on its core business in telecom power and power electronics solutions for industrial applications and renewable markets such as solar power and electric vehicles. Eltek is listed on Oslo Stock Exchange and headquartered in Drammen, Norway.
Nera Telecommunications offers radio transmission, satellite communications and infocomm equipment and services to the Asian markets. Headquartered in Singapore, NeraTel is 50.1 percent owned by Eltek ASA and separately listed on the Singapore Stock Exchange. The company counts more than 500 employees and reported revenue of NOK 758 million in 2011.