PATHUMTANI, THAILAND -- SVI Public Co. reported fourth quarter revenues of 3.1 million baht ($88.9 million), up 52% year-over-year.

Sales were boosted by the company's acquisition of Seidel, which was finalized in January 2016. 

For the year, the EMS company set a record for consolidated revenues at 10.95 million baht ($314 million), up 35% over 2015. Seidel contributed 2.63 million baht ($75.4 million) to the company's revenues in 2016. Net profit was 1.6 million baht, down 21% or 426 million baht, mainly due to one-time insurance settlement gains in 2014 of 351 million baht. Net income before taxes was down 12% to 1.77 million baht. 

"The synergy generated by the acquisition in Europe, including access to new customers as well as new product introductions from existing customers, will generate a topline high growth in 2017 and onwards," SVI said. "We look at the future with optimism, motivated to deliver results that are sustainable in the long term."

 1 THB = US$0.0286792