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PCB | August 09, 2006

Aspocomp increase loss

Finland's largest PCB-maker Aspocomp posted a 9.4 million euro operating loss for the January-June period. The loss was 6.7 million euro in the same period last year.
Net sales for the period was EUR 80.2 million (EUR 75.4 million in 1-6/2005). Net sales of the Printed Circuit Board (PCB) division grew by 12 percent to EUR 73.1 million (65.6). Net sales of the Asian plants grew by 39 percent.

Aspocomp's net sales increased to 80.2 million euros for the first half of the year, up from 75.4 million euros year-on-year. "Performance in the first half of the year was unacceptable due to the ongoing conversion project at the Salo, Finland PCB plant," Maija-Liisa Friman, chief executive, said in a statement Wednesday.

According to Ms Friman the markets for printed circuit boards (PCBs) grew throughout the first half of the year. Asian markets are estimated to grow by around 10 per cent during the second half while decline is expected elsewhere.

Net sales grew on the reference quarter mainly as a result of the excellent performance of the Suzhou, China PCB plant and the clear improvement in the figures of the Sriracha, Thailand and Oulu, Finland PCB plants. However, net sales of the Salo, Finland PCB plant continued to decline due to the plant's ongoing conversion project. The Oulu modules plant posted somewhat weaker net sales due to the gradual end of the life cycle of the telecom network products manufactured at the plant.

Operating profit before depreciation was EUR -1.0 million (EUR -0.1) and operating profit totaled EUR -5.3 million (-4.9). Although the operating profit of the Asian plants improved markedly, the heavy losses of the Salo plant kept the Group's profitability on a par with the reference quarter.

The Printed Circuit Boards division's net sales and profitability in the April-June period were up on the previous quarter. The net sales of the Modules division declined on the reference quarter, which was also reflected in operating profit.

The Group's net financial expenses were EUR 0.3 million (0.3) and the profit for the period was EUR -5.6 million (-5.3). Earnings per share were EUR -0.34 (-0.28).

Click here to read the full report (www.aspocomp.com).
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