HONG KONG -- SMT Holdings began its climb back from bankruptcy by turning in a profitable December quarter.

The EMS company reported a profit of HK$114.1 million, reversing last year's loss of HK$22.6 million, for the three months ended Dec. 31.

Revenue for the period was HK$170.4 million, down 28.6% from HK$238.8 million in the previous year. Operating profit was HK$9.4 million, excluding one-time gains and restructuring expenses of HK$4.3 million.

On a quarter-to-quarter basis, revenue increased 17.8% on higher demand in the industrial controls segment. Gross margin was flat sequentially and up 260 basis points year-over-year to 20.9%.

The contract electronics assembler did not provide specific financial guidance for the current quarter.

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