The company's preliminary net sales for the fiscal year 2012 second quarter were 19.3 million euro (20.8 million) and preliminary result of operating activities is -1,3 million. (0.7 million).

Low demand, caused by balancing of high inventory levels for main customers and unfavorable product mix, weakened the result of operating activities according to the company. The company also cited exceptionally high export sales from China in euros, together with a weakened euro, as having a negative impact on operating activities.

“Despite of improved demand visibility for second half the slow start of the fiscal year and weaker than expected second quarter results reflect to the full year financial estimate,” a release by the company said.

The company said it estimates net sales for fiscal year 2012 to stay below the fiscal year 2011 level and result of operating activities without one-time costs to be slightly negative.