Electronics Production | November 05, 2008
Harju Elekter with increase in sales revenue for 3Q
The Group's consolidated sales revenue for the third quarter was MEUR 14.5, which exceeded the figure of the reference quarter by MEUR 2.0. The growth pace of sales revenue was 16%.
The sales volume of nine months reached MEUR 42.6, exceeding the figure of the reference period by MEUR 9.0. Despite the prevailing economic recession, the growth pace of sales revenue was 16% and 27%, respectively, in the third quarter and the nine months as a whole. The Group's profitability in the reporting period was affected by pressure from intensifying competition, price increase of raw materials, fuel and energy, and growth of labour costs. Deterioration of the payment habits of clients also had an impact, therefore the cost from the discounting of claims was larger than usual during the reporting period. The business revenue for 3Q2008 was MEUR 0.8 (3Q2007: MEUR 1.3) and the nine-month business revenue was MEUR 2.5 (9 months of 2007: MEUR 2.7). The Group's net profit was most influenced by the financial income earned on financial investments. In 2007, an extraordinary profit of MEUR 2.1 was made from the sale of financial investments. This year no financial assets have been sold. In connection with the payment of dividends, the Estonian companies paid a total of EUR 541 000 in income tax, which is by EUR 131 000 more than in 2007. All in all, the income tax expenditure of the Group increased within nine months by EUR 211 000 up to EUR 765 000. The Group's net profit for the third quarter was MEUR 0.7 (3Q2007: MEUR 1.3) and the net profit for nine months was MEUR 2.5 (9 months of 2007: MEUR 5.2). The share of the owners of the parent company in the net profit comprised EUR 656 000 in the third quarter and MEUR 1.2 in the reference period. The net profit per share was EUR 0.04 and in the reference period EUR 0.07. Within nine months, net profit per share of EUR 0.14 was earned and in the reference period EUR 0.30, the share of the owners of the parent company in the net profit comprised MEUR 2.4 and in the reference period the corresponding figure was MEUR 5.1. As of 30 September 2008 there were 521 employees in the Group, which is 52 employees more than a year ago. In the third quarter, the average number of employees in the Group was 523 (3Q2007: 462) and in 9M 501 (9 months of 2007: 437). Students of vocational schools are temporarily hired during summer months, as a result of which the average number of employees in the third quarter is a little larger and the average salary a little lower compared to the other quarters. In the reporting period the average salary in the Group have increased by EUR 47.90 up to EUR 1 400 compared to the same period during the previous year. The costs on labour force have increased by MEUR 0.9 in the nine months of 2008 up to MEUR 8.1. In 3Q2008, a production and office building will be completed in Lithuania; its construction was commenced in the 2Q2007. During 2008 the volume of construction output amounted to 364 thousand euros. In total, the construction has cost EUR 813 000. In the nine months, the Group has invested a total of EUR 873 000 in buildings, EUR 366 000 in production equipment and means of transport. To finance new construction in Lithuania, the Group took out an additional long-term loan in the amount of EUR 192 000. AS of September, 30 long-term loans have been used in the amount of EUR 473 000. The loan contract has been concluded for five years. Long-term loans were repaid within nine months in the amount of EUR 534 000 and in the reference period in the amount of EUR 481 000. On a financial lease, a total of EUR 53 000 of machinery and equipment were acquired, and a total of EUR 70 000 of principal repayments on the financial lease were made in nine months, and on the comparable period EUR 64 000 and EUR 54 000, respectively.
Eguana inks deal for residential energy storage systems Eguana Technologies Inc. has entered into a development contract with an unnamed renewable energy company to develop and certify proprietary residential storage systems for distribution through its sales channels across global markets.
BlueRing Stencils picks up Stone Mountain Tool BlueRing Stencils has acquired Georgia-based tooling supplier Stone Mountain Tool.
Bosch increases its stake in fuel-cell expert Ceres Power Bosch has increased its stake in Ceres Power from 3.9% to circa 18%. Bosch’s total investment in the company will be approximately 90 million euros.
Haldex Heidelberg staff urges management to reconsider the closure It was back in October of 2019 that Haldex announced that it was streamlining its production in Europe, a decision that would see the move of production from Heidelberg in Germany to Szentlörincskáta in Hungary.
Sponsored content by CMLCML manufactures Metal Substrate solutions Printed circuit boards (PCBs) plays an important role in our day to day life. Whether it’s the car you’re driving, the phone that you’re scrolling through or computers that you’re sending emails from. What happens when you use heat generating components on a PCB? That’s right, cooling is needed!
Foxconn’s Gou: WI plant operational this year Foxconn Technology Group founder Terry Gou is indicating that the company’s new manufacturing facility in Mount Pleasant, Wisconsin, still currently under construction after multiple slowdowns, will generate products beginning this year.
Zentech acquires Trilogy Circuits LLC Zentech Manufacturing has acquired Texas-based Trilogy Circuits LLC, a provider of EMS services to military primes and other high-reliability industries in Texas and across the United States.
Markus Jeck to take lead of Enics Switzerland EMS provider Enics has appointed Markus Jeck as the new General Manager of Enics Switzerland.
Hanwha Precision Machinery launches tech centre in Germany Hanwha Techwin Automation Americas' – formerly Samsung C&T Automation – unit, Hanwha Precision Machinery, has launched an integrated tech centre for Europe in Germany to accelerate its global expansion.
TTM Technologies to sell four China manufacturing plants TTM Technologies is executing a definitive agreement under which the company has agreed to divest its four China manufacturing plants – which make up substantially all of the assets of its Mobility business unit.
Incap acquires AWS Electronics EMS provider Incap has signed an agreement to acquire 100% ownership of AWS Electronics Group.
Ampleon, Rochester Electronics ink deal RF power products supplier Ampleon and semiconductor manufacturer Rochester Electronics have forged a strategic partnership to extend the global supply of Ampleon’s VDMOS portfolio of high-performance RF transistors.
Trust Automation appoints new COO California-based Trust Automation Inc., a supplier of automation technology for industrial and defense applications, has welcomed Teddy Ross to the company as chief operations officer, effective immediately.
TDK Ventures invests in SLD Laser TDK Ventures Inc., a subsidiary of TDK Corporation, has invested in SLD Laser, a specialist in the use of gallium nitride (GaN) in the commercialization of visible laser light sources for multiple applications including automotive, mobility, medical, and specialty lighting.
Sono Motors hits its target - community funding works The Munich-based mobility provider Sono Motors has successfully completed the extension of its campaign to finance the company and has exceeded its target of EUR 50 million.
New group structure at Mycronic aimed securing future growth Swedish creator of production equipment, Mycronic, has grown quite a bit during the last years; both organically but also through acquisitions. And with that growth some structure is in order.
Zenuity and HP Enterprise team up to develop next-gen autonomous driving cars Hewlett Packard Enterprise (HPE) has been selected by Zenuity, a Swedish developer of software for self-driving and assisted driving cars, to provide the crucial artificial intelligence (AI) and high-performance computing (HPC) infrastructure it needs in order to develop next generation autonomous driving (AD) systems.
Honeywell, Lockheed Martin win NASA contracts Honeywell and Lockheed Martin have both announced recent contracts for the supply of key components to NASA’s Orion spacecraft fleet for the upcoming Artemis lunar missions.
Libra Industries welcomes new VP EMS provider Libra Industries has welcomed David Chavez to its leadership team as the new VP of Integrated Business Development.
Danfoss shuts down site – hundreds of jobs lost Danish industrial group, Danfoss, is taking steps to optimise and strengthen its competitiveness. This will result in a closure of the groups manufacturing site in Kolding, Denmark. Production from the site will be moved to the groups manufacturing location in Poland.
USI builds its third antenna chamber measurement system USI is currently building its third antenna chamber measurement system with a targeted completion date in the first quarter of 2020.
AT&S receives NADCAP accreditation With the NADCAP accreditation, new doors in the aerospace sector has been opened for the Austrian company.
Toshiba Carrier to establish new manufacturing subsidiary in Europe Toshiba Carrier Corporation announced the establishment of a new manufacturing subsidiary in Gniezno, a mid-western city of Poland.
Ericsson opens new R&D site in France Ericsson says it will establish a new R&D site in France with up to 300 employees, accelerating 5G momentum in Europe.Load more news