VELLINGE, SWEDEN -- PartnerTech today reported fourth-quarter sales fell 15% from last year to SEK 550 million ($87.5 million) on delayed or substantially reduced demand from a number of customers late in the quarter.

Operating income showed a loss of SEK 18 million, down from a profit of SEK 29 million last year. The net loss was SEK 22 million ($3.5 million), down from a profit of SEK 10 million a year ago. The revenue drop was broad-based, the contract printed circuit board assembler said.

The contract electronics manufacturer called the results "disappointing," adding that it would close or cut capacity in Norway and Sweden to improve profitability.

For the year, the EMS company reported total revenue of SEK 2.24 billion, down 3% from 2011. The net loss was 8 million, down from a profit of SEK 5 million. Operating profit for the year was SEK 24 million, down from SEK 47 million.

"We need to be even more flexible in order to deal with the kind of volatility that we experienced in December," said Leif Thorwaldsson, president and CEO. "We are reducing production capacity at our Norwegian unit and moving both our Vellinge plant and our head office to more cost-effective premises in Malmö.

Most units are also cutting back on personnel, he added.

Ed.: 1 SEK = 0.159064 US$