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MGM Wireless swings to slim profit in 1H10

MGM Wireless swings to slim profit in 1H10

School communications group MGM Wireless (ASX:MWR) has swung back to a slim net profit in 1H10, due to strong sales growth in Australia.

The South Australian company recorded a profit of $4,843, compared to a $231,000 loss the year before.

Sales in Australia grew grew 33% to $984,000, while overall revenue increased 7% to $1 million.

MGM is pleased to have achieved this breakeven financial result for the half year,” MGM executive chairman Mark Fortunatow said.

But the company warned that US schools were experiencing very challenging economic circumstances, and that this is likely to affect orders from its US operations over at least the next 12 months.

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Tags Telecommunicationsfinancial resultsschoolsMGM Wireless

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