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(Alliance News) - Networking and medical technology company BATM Advanced Communications Ltd said on Wednesday that its 2019 pretax profit will be ahead of expectations following the sale of its stake in the Israel Electric Corp.
The company sold its stake in Israel Electric to a consortium containing Cellcom Israel Ltd for USD3.4 million. BATM now expects 2019 pretax profit of USD6.2 million, ahead of market forecasts and the underlying trading to be in-line with expectations.
Chief Executive Zvi Marom said: "We are pleased that this transaction has been successfully concluded and that we have generated additional value from this legacy asset. These proceeds will support our networking and medical activities as we continue to focus on delivering best-in-class solutions targeting network function virtualisation and diagnostics applications."
Shares in the company closed flat at 43.20 pence each in London on Wednesday.