SIEVI, FINLAND -- Scanfil reported third quarter revenue of 121.7 million euros, down 10.3% from a year ago.

The company's net profit rose 131% over last year to 6.5 million euros. The operating profit for the period ended Spet. 30 was 7.4 million euros up 41% from a year ago *

The results include the acquisition of PartnerTech, which Scanfil purchased in fall 2015.

The EMS firm forecast 2016 sales of 500 million to 520 million euros and operating profit before one-time charges of 22 million to 25 million euros.

In a statement, CEO Petteri Jokitalo said, "I am pleased with our profitability in the third quarter. The operating profit of 6% shows that the restructuring and efficiency measures we have taken can already be seen in our result. We have concentrated on our profitable businesses, and our cost structure is significantly lighter."

He added that the market slowdown and integration of PartnerTech have led to factory closings around the world.

"During the third quarter, customer demand decreased in general, and the market situation was and continues to be challenging. The integration of companies, elimination of overlapping activities as well as the restructuring of unprofitable factories proceeded according to plans. The Dongguan plant in China was closed, and the statutory labor negotiations to adjust Vantaa (Finland) plant's operations were started."

$1 = 0.9173 euros

• Prev
• Next