© designersart dreamstime.com Electronics Production | February 17, 2015
Profit drop for PartnerTech in 2014
Swedish EMS provider, PartnerTech had a pretty shaky 2014. While net sales were more or less the same level as in 2013, the company's profit entered the red.
Net sales for the full year of 2014 amounted to EUR 234.49 million, compared to EUR 234.28 million in 2013. Adjusted operating profit totaled at -1.25 million, compared to EUR 3.35 million back in 2013. The company's profit after tax was slipped down to EUR -5.76 million, a positive from EUR 733'000 in 2013. “The Electronics business continues to show increased demand but as volumes were postponed late in the quarter, profitability and working capital were affected negatively. In Systems Integration the increased demand from customers during the quarter has resulted in an increase of stock to meet growing customer needs. The activity within the defense industry continues to increase but volumes planned for the fourth quarter were moved into 2015,” said Leif Thorwaldsson, President and CEO. “The restructuring program in Metal Precision continues into the first quarter of 2015. It is my assessment that after these actions have been implemented we have created a more flexible and commercially sound business with profitability at considerably lower business volumes. Despite weaker earnings in the quarter growing customer needs in Systems Integration, mainly within CleanTech, as well as increased demand in Electronics provides good opportunities for 2015. In the short term the development within Oil&Gas is challenging but the industry’s need to transform the supply structure remains. This is an opportunity for PartnerTech going forward,” Thorwaldsson continues.
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