VELLINGE, SWEDEN -- PartnerTech reported fourth quarter net profits rose 16% year-over-year to SEK 10.2 million, ensuring the EMS company finished 2011 in the black.

Net sales were SEK 637.9 million (617.6), and operating profit rose more than 400% to SEK 29.2 million. Operating margin was 4.6%. Cash flow after investments amounted was SEK 99.9 million.

For the year, net sales rose 6% to SEK 2.32 billion. Operating profits and net income swung back to positive territory, at SEK 47.3 million and SEK 5.2 million, respectively.

PartnerTech is Sweden's largest contract electronics assembler and among the 50 largest in the world.

President and CEO Leif Thorwaldsson said "uncertainty and volatility in the global markets" make forecasts difficult. The EMS firm said it is moving more production to Eastern Europe and Asia.