Electronics Production | October 29, 2009
PKC Group's net sales in Jan-Sep decreased by 40.7%
PKC Group's net sales in the January-September period decreased by 40.7% from the previous year to EUR 146.4 million (EUR 247.0 million).
Operating profit was EUR 2.0 million negative (25.0 million positive) and profit before taxes was EUR 0.7 million negative (22.7 million positive). The result is burdened by approximately EUR 5.0 million in non-recurring expenses. Cash flows after investing activities during the report period were EUR 31.4 million (20.2 million). "The production volumes of the truck industry remained at about a third of the last year's level. The demand for electronics design and manufacturing services in the market weakened for about a fourth compared to last year. Despite the heavy reduction of the market, PKC Group's profitability has returned to a satisfactory level during the third quarter due to the executed rationalisation measures. Continued rationalisation measures and inputs in R&D puts trust in the continuous improvement of PKC's competitive position. Due to the current market situation, the supplier base in the commercial vehicle industry is going through radical changes, in turn opening up new possibilities for PKC," said Harri Suutari, President and CEO.