Aspocomp releases Q3 results

Net sales amounted to EUR 18.5 million, a year-on-year increase of approximately 4 percent. The five largest customers accounted for 68 percent of net sales (82% 1-9/2011). In geographical terms, 93 percent of net sales were generated in Europe (93%) and 7 percent in Asia (7%). Net sales grew due to the acquisition of the Teuva plant, which also reduced the share of total net sales accounted for by the five largest customers. The operating result was EUR 1.1 million (EUR 2.9 million in 1-9/2011), representing 6 percent of net sales. Profitability was weakened by increased indirect costs due to the Teuva plant acquisition. ”The challenging market situation in the third quarter weakened demand within all of Aspocomp’s customer segments. Due to weak demand, third-quarter net sales amounted to only EUR 5.4 million. January-September net sales amounted to EUR 18.5 million, a year-on-year increase of 4 percent,” said CEO, Sami Holopainen. “The near-term market outlook remains murky but no further decline in demand is anticipated. We expect that full-year net sales will be slightly higher than in 2011 and the operating result is anticipated to be at a satisfactory level with respect to the industry sector, but to fall significantly short of 2011.”