BANGKOK -- Top electronics manufacturing services company Hana Microelectronics’s 2008 sales were flat year-over-year at $452 million. Operating profits were also flat, at $55.5 million. Net profits fell 22% in Thai currency.

The 2007 figures, however, included the sale of a large subsidiary. Hana gained Bt504.6 million from the sale of Advance Interconnec Technology in September 2007.

Hana is the world’s 33d largest EMS firm, according to Circuits Assembly’s rankings. Its microelectronics unit's sales were up 1% for the year, despite a 13% drop year-over-year in the fourth quarter.

The company's sales and operating profits were down 3% and 4%, respectively, in Thai bahts, but adjusted for US currency changes, were essentially flat.

In a press release, Hana said, "The drop in demand experienced in the fourth quarter has continued and worsened in the first quarter and we anticipate it to continue into the second quarter. As a result we anticipate the possibility of an operating loss for the first half of the 2009. We have undertaken appropriate measures in headcount reduction (approximately 12%), short working week, payroll cuts for management and cancellation of certain bonus schemes. These will be reviewed in light of the on going economic situation."

1 THB (Bt) = 0.0277045 US$