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Elcoteq Narrows Q2 Loss

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Elcoteq Narrows Q2 Loss

Written by Mike Buetow
Wednesday, 23 July 2008
HELSINKI – Elcoteq today reported a second-quarter net loss of 12.8 million euros ($20.48 million) on a 6.6% drop in revenues, to 904.8 million euros ($1.45 billion). The June quarter did show improvements in earnings, as the company lowered its year-ago net loss of 19.8 million euros by 35%. The company said the weak dollar lowered sales by 100 million euros ($160 million). Elcoteq reiterated guidance for full-year sales below last year’s 4 billion euros. The firm added that while a deal to sell its money-losing plant in St. Petersburg, Russia, fell through, the company is in talks with new parties over a potential sale. Elcoteq is the world’s 14^th largest EMS/ODM company.

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