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Electronics Production | October 27, 2005

Elcoteq presents<br> strong growth

Elcoteq's third-quarter net sales rose 44% on the same period last year totaling MEUR 1,194.7 (July-September 2004: MEUR 828.7).

Operating income improved by approximately 30% to MEUR 25.6 (MEUR 19.7) and cash flow was clearly positive MEUR 13.5 (MEUR -17.6). For the first time in Elcoteq's history, the company's quarterly net sales exceeded one billion euros. The increase in net sales from the second quarter was approximately 22%. The growth came from Europe and Asia-Pacific and was principally due to strong demand for terminal products. The Group's operating income between July and September improved by roughly 30% on the same period last year to MEUR 25.6 (MEUR 19.7), or 2.1% (2.4%) of net sales. Compared with the second quarter in 2005, operating income increased by more than 60%. The operating margin of the Communications Network Equipment business area reached 5% as manufacturing volumes focused on higher-margin products. The operating margin of the Terminal Products business area improved as well, due to higher capacity utilization. However, the improvement in this business area's profitability was slowed by changes in product mix, capital expenditures, and the costs arising from broadening the service offering. Read the full report here.
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