LUXEMBOURG -- Elcoteq said June quarter net income was 5.2 million euros, up from a loss of 11.9 million euros last year, on demand for flatscreen TVs and settop boxes.

The electronics manufacturing company had net sales of 332.3 million euros, down 23.8% from a year ago and up 51% sequentially. The operating loss was 6.9 million euros, up from a loss of 11.5 million, including restructuring charges of 3 million euros.

Cash flow after investments was 5.3 million euros, down from 72.2 million euros.

The contract assembler guided for sequentially lower third-quarter net sales, mainly because Sharp's KIN smartphone product deliveries were put on hold. Operating income is expected to improve. For 2010, net income will be clearly positive, Elcoteq said.

At quarter's end, Elcoteq had cash of 72.5 million euros, down from 154.8 million a year ago.

Elcoteq was the world's 7th largest EMS company in 2009, but likely will slip in the rankings in 2010.

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