HONG KONG -- Surface Mount Technology Holdings, a top 30 EMS company, reported revenue plunged 52% year-over-year to HK$397.7 million ($51.3 million) for the quarter ended March 31.

During the period, the net loss was flat at HK$21.9 million ($2.83 million).

For its fiscal year 2009 ended March 31, the company reported a net loss of HK$36.4 million ($4.7 million) on revenue of HK$2.6 billion ($335 million). That compares to a net profit of HK$3.9 million on revenue of HK$3.1 billion in fiscal 2008.

During the quarter, exports of automotive electronics and consumer products were significantly affected, the company said. Automotive slipped from 21% of sales in fiscal 2008 fourth quarter to 10% in the same quarter in fiscal 2009.

Capital investment for the 12 months ended March 31 was HK$86 million, down 64% from fiscal 2008.

The company called the economic outlook for 2009 "pessimistic" with "volatility and uncertainty ahead."

"Looking ahead, our customers are beginning to provide longer term forecasts and orders. There are more new projects and customers from the replenishment of inventories in the supply chain and consolidation in the industry. However the increase in customer orders will be modest and gradual. The market will still be volatile and it is not certain when the global economy will fully recover."

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