VELLINGE, SWEDEN -- EMS firm PartnerTech swung to a second-quarter net profit of SEK 200,000 ($31,000), up from a loss of SEK 13.8 million a year ago, despite weakening industrial sales.

For the period ended June 30, net sales were up 7.3% to SEK 562 million ($86.7 million), and the operating profit was SEK 5 million, up from a loss of SEK 14.7 million last year. Cash flow after investments dropped to SEK 300,000 from SEK 8.6 million a year ago.

"It is clear evidence that the company’s profitability-oriented activities have had an effect," PartnerTech said in a statement. "During the second quarter a few customer orders were postponed, which affected sales in the quarter. In addition, strong demand -- primarily for the Industry market area -- decelerated somewhat although growth continued. For these reasons, second quarter sales were somewhat weaker than anticipated."

Year to date, net sales are up 6.2% to SEK 1.15 billion. The operating profit has risen SEK 24.6 million to SEK 8.1 million. The after-tax loss is SEK 4.2 million, up from a loss of SEK 18.9 million.

PartnerTech is a top 40 contract electronics manufacturing services company, based on the CIRCUITS ASSEMBLY Global Top 50.

Ed.: 1 SEK = 0.154285 USD

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