(Alliance News) - BATM Advanced Communications Ltd on Wednesday reported its half-year profit fell dramatically, as revenue plunged on lower demand for Covid-19 related products.
Pretax profit in the six months to June 30 fell to USD611,000 from USD19.8 million a year prior. Revenue contracted by 20% to USD57.5 million from USD71.4 million.
BATM Advanced is a Hod Hasharon, Israel-based networking and medical technology company.
Regarding its Diagnostics unit, while sales of non-Covid related molecular diagnostic products increased, this was offset by market-wide reduction in prices and lower demand for Covid-19 products.
Meanwhile, ongoing exchange rate headwinds and global supply chain challenges affect the firm, it said.
The Bio-Medical division "saw a reduction in revenue compared with the exceptional performance in the first half of last year due to the pandemic," explained BATM Chief Executive Officer Zvi Marom.
"Looking ahead, the group entered the second half with sustained momentum and a significant backlog to be delivered against. The Cyber unit expects to deliver solid growth and the Networking unit expects sales to continue to grow in the second half of the year."
The company sees itself on track to deliver 2022 revenue in line with market expectations.
BATM Advanced shares were 4.4% lower at 29.50 pence each in London on Wednesday morning.
By Tom Budszus; tombudszus@alliancenews.com
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Batm Advanced (BVC)