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Electronics Production | November 04, 2010

PKC increase net sales 76% YoY

Finland-based PKC Group reported consolidated net sales from July-September 2010 amounted to EUR 82.3 million (EUR 46.8 million), up 75.7% on the same period a year earlier.
Consolidated operating profit totalled EUR 9.5 million (EUR 3.6 million), accounting for 11.5% of net sales (7.6%). During the report period were reported EUR 1.0 million (EUR 0.2 million) in non-recurring expenses. Depreciation amounted to EUR 2.7 million (EUR 2.9 million).

Financial items were EUR 3.9 million (EUR 2.1 million). In addition to EUR 0.4 million interest expenses, a translation profit of EUR 1.4 million related to the translation of subsidiaries' financial statements, as well as exchange rate profits caused mainly by Group's internal liabilities totalling EUR 2.8 million have been entered into the financial items. Profit before taxes was EUR 13.4 million (EUR 5.7 million). Profit for the report period totalled EUR 10.0 million (EUR 6.5 million).

Personnel

During the report period, the Group had an average payroll of 4,810 employees (4,580). At the end of the report period, the Group's personnel numbered 5,467 employees (4,205), of whom 4,985 (3,682) worked abroad and 482 (523) in Finland. In addition the Group had at the end of the report period 664 rented employees.

As a result of the co-determination negotiations concluded in March 2010, it was decided to lay off a total of 45 persons from PKC Wiring Systems Oy. Non-recurring costs arising from layoffs were recorded during the first half to the total amount of EUR 0.6 million.

As a result of the co-determination negotiations concluded in August 2010, it was decided to lay off a total of 31 persons from PKC Wiring Systems Oy. Non-recurring costs arising from layoffs were recorded during the third quarter to the total amount of EUR 0.5 million.

Outlook for the future

"We estimate that demand for electronics design and manufacturing services in the market will remain at current level during the end of the year. We predict that the full-year net sales will increase and that the operating profit before non-recurring items will improve substantially on the previous year. We also estimate that net sales level and operating profit level before non-recurring items during the latter part of the year shall further improve from the average level of the first nine months of the year", the company states in its fiscal report.

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