PCB | November 02, 2005

Aspocomp still in the red

In the July-September period, Aspocomp's result improved slightly on the previous quarter, but was in the red, as expected, with earnings per share amounting to EUR -0.27 (Q3/2004: 0.10).
Net sales came in at EUR 35.8 million (49.5). The divestment of the Mechanics business in September lowers the figures for both the present and the comparison year.

Earnings per share in the January-September period were EUR -0.65 (0.34) and net sales EUR 111.2 million (143.6).

- Aspocomp's net sales were down 28% on the corresponding period of the previous
year. The decline in net sales was due to the weak performance of the Salo PCB plant and the Modules segment. Net sales remained on a par with the previous quarter of the present year. A major transition process is currently under way at the Salo plant with a view to improving competitiveness. Its implementation has substantially reduced net sales this year. The capacity utilization ratio and average price of the products of the plant have been low during the present year. New products are going into production, improving the sales of the Salo plant in October-December compared with the quarter now ended.

- The operating result was EUR -4.4 million (4.2), up EUR 0.5 million on the previous quarter. The main reasons underlying the weakened operating result were the poor performance of the Salo plant and the decline in the previously high earnings of the Modules segment.

- The result before taxes and minority interest was EUR -4.5 million (2.8) and earnings per share amounted to EUR -0.27 (0.10). The net result was EUR -5.3 million (2.0).

- Investments in fixed assets amounted to EUR 4.8 million (2.8). The major investments were earmarked for stepping up HDI capacity in China and for the Salo and Thai plants.

The Aspocomp Group's net sales will fall significantly short of the previous year's figure (2004: EUR 184.8 million). Net sales in the October-December period are expected to grow compared with the quarter now ended. The Group's result for 2005 is expected to be clearly in the red.

The net sales and profitability of the main business segment, Printed Circuit Boards, are forecast to improve in the last months of the year, while the net sales and profitability of the Modules segment are estimated to decline slightly compared with the previous quarter.

Read the full report here (external link).


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