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Bittium lowers its financial guidance for 2017
Bittium lowers its financial guidance for 2017 due to the delay in the first phase of the product deliveries for the Mexican Mexsat satellite phone system. To be mainly executed in 2018 it is delayed due to the internal reasons of Mexican governmental customers, a release states.
Bittium has expected earlier those product deliveries to be executed during the second half of 2017.
Bittium expects that the net sales in 2017 will be lower than in the previous year (EUR 64.2 million, in 2016). The operating result is expected to be clearly negative (EUR 2.5 million, in 2016). In the Half Year Financial Report January-June 2017, published on August 9, 2017 Bittium still expected that the net sales in 2017 will be at the same level as in the previous year (EUR 64.2 million, in 2016) and the operating result to be negative (EUR 2.5 million, in 2016).
The decline in the amount of the product deliveries of the Mexsat mobile devices in 2017 will not change Bittium’s long-term growth outlook. The year 2017 has already been expected to be challenging mainly due to the termination of significant customer cooperation with a global network equipment manufacturer.
