MICT Reports Financial Results for the First Quarter Ended March 31, 2020
MICT, Inc. (MICT)
US:NASDAQ Investor Relations:
micronet-enertec.com/ir-events%20&%20presentations.asp
Company Research
Source: PR Newswire
MONTVALE, N.J., June 16, 2020 /PRNewswire/ -- MICT, Inc. (Nasdaq: MICT), today announced financial results for the three months ended March 31, 2020, as well as merger and acquisition developments subsequent to the end of the first quarter."As at March 31, 2020, MICT held an ownership interest in Micronet Limited of 30.48% of its issued and outstanding shares, the results of Micronet Limited are therefore not included within MICT's consolidated financial statements. The first quarter revenues and underlying mobile computing and telematics business of Micronet Limited were negatively impacted by the COVID-19 pandemic as all sales contracts were either deferred or cancelled. Micronet Limited is also seeing the impact continuing into the second quarter. These results notwithstanding, we believe in Micronet's world class product portfolio and the business' potential for growth in the second half of 2020, driven by its new video telematics devices and recent U.S. Federal Communications Co
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