HELSINKI, FINLAND -- PKC Group reported first quarter net sales grew 149.7% year-over-year on acquisitions and demand for wiring harnesses. Sales for the period ended March 31 were 242 million euros.

The contract electronics manufacturer said net profit fell 9.2% to 6.9 million euros.

Operating profit before depreciation, amortization and nonrecurring items was 16.1 million euros, up 58%. Operating profit was up 31% to 12.7 million euros. Net cash from operating activities was 25.9 million euros, up from 2.4 million euros.

Net sales generated by the company's Electronics business decreased 18% to 15.3 million euros. EBITDA was -900,000, and the operating loss was 1 million euros. The decline in net sales and operating profit was due to decreased demand for telecommunication products tied to a change in one customer’s product strategy, plus costs related to production transfers from Finland to more competitive production facilities.

Ed: 1 EUR = 1.31126 USD

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