MALMO, SWEDEN -- PartnerTech swung to a net profit as fourth-quarter sales increased 6% over last year to SEK 582 million ($90.1 million). Operating income rose to SEK 10 million, up from a loss of SEK 18 million the previous year.

The December quarter net profit was SEK 1 million, up from a loss of SEK 22 million in 2012.

For the year net sales were SEK 2.24 billion ($346.4 million), flat with 2012. Operating profits rose 33% to SEK 32 million, and net income swung from a loss of SEK 8 million to a profit of SEK 7 million. Cash flow after investments slowed to SEK 47 million, from SEK 80 million a year ago.

"The year started off slowly but we have seen a recovery in the latter part of the year," president and CEO Leif Thorwaldsson said in a statement. "Many of our existing customers experienced a rough year, but we made up for it with solid sales to new customers. We also began seeing results of the adjustments we carried out at several parts of the group during the year. We made major headway in adapting our Norwegian business, where the Oil & Gas segment exhibited growth, although from a low level. We streamlined the electronics production at our smaller units and successfully adjusted for lower volumes of technically advanced products.

"Machining enjoyed increased orders received from a number of new non-defense customers. The overall impact of these changes was a stable structure for further development of our attractive global offering by increasing the share of our service volumes in product development and after-sales," he added.

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