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Electronics Production | August 05, 2008

Scanfil not able to sell plants in Estonia, Hungary & Finland

Last year Scanfil announced that the company was looking into selling its facilities in Vantaa, Estonia and Hungary. The real estate markets have weakened over the past year, and full or partial sale of the facilities looks improbable at the moment.
Owing to the structure of business, fluctuations in exchange rates have had only a minor impact on performance. The weakening US dollar has had a minor positive effect on the operating income in Europe. On the other hand, if the US dollar remains weak or continues to weaken, its main impact will be to reduce the turnover and expenses of the Asian operations. Changes in the US dollar exchange rate will not have a significant effect on the relative profitability of the Asian operations.

Today Scanfil also posted its turnover for January – June which was EUR 108.7 (111.1) million, showing a decrease of 2% over the previous year. Distribution of turnover based on the location of customers was as follows: Finland 51 (42)%, rest of Europe 18 (26)%, Asia 29 (30)%, USA 1 (1)% and the others 1 (1)%.

Changes in the product portfolio and the development of operations ensured good profitability in the review period, with operating profit amounting to €11.4 (7.5) million, or 10.5 (6.8)% of turnover. Earnings for the reviewed period amounted to €9.8 (6.3) million. Return on investment was 18.3 (11.9)%. The increase in net financial income resulted mainly from the improved yield of the parent company's cash reserves and the strengthening of the Hungarian currency.

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