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© cacaroot dreamstime.com Electronics Production | October 23, 2014

Partnertech stays in the red

Swedish EMS provider Partnertech continues to post negative figures, 2014 has proven to be a rather troublesome year for the manufacturer.
Sales increased slightly in the third quarter compared to the same period 2013. The operating profit of SEK -6 million was affected by continued lower volumes both in the Systems Integration and Metal Precision divisions.

Net sales amounted to SEK 530 million, compared to 528 million during the same period in 2013. The company's operating profit totaled at SEK -6 million, which is a decrease from Q313's 11 million. All and all, Partnertech's third quarter resulted in a SEK -10 million loss

“During the third quarter the Electronics division reported a strong growth of 14% but ramp-up costs for the operations in China affected operating profit negatively. In the Systems Integration division several of our customers have shown increased activity but the results of this did not yet materialize in the quarter and volumes were still lower than the same period last year,” said president and CEO Leif Thorwaldsson.

“The restructuring program in the Metal Precision division continued as planned and full impact is expected in the fourth quarter. We have received positive signals from both the Defense segment and Oil& Gas. After the quarter end we have signed a significant framework agreement which will increase capacity utilization at the units in the Metal Precision division. The quarter started slowly with a difficult market situation but with an increased activity from our customers the quarter ended strong. Altogether, this has increased our ability to improve profitability in the coming quarters,” Leif Thorwaldsson concluded.

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SEK 1 = EUR 0.10862 (Oanda 2014-10-23)

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