ESPOO, FINLAND -- Aspocomp's first-quarter revenue fell 9% year-over-year as a slow January offset stronger sales the rest of the period.

Net sales for the period ended Mar. 31 were EUR 4.1 million ($4.68 million). The net loss was EUR 467,000, vs. a profit of EUR 126,000 last year.

The operating loss was EUR 441,000, down from a net EUR 118,000 a year ago.

Some 88% of net sales were generated in Europe (95%), 6% in Asia and 6% in North America.

The company’s full-year guidance remains unchanged. In 2016, net sales are expected to grow and the operating result to be in the black. In 2015, the company had an operating loss of EUR 1.2 million on net sales of EUR 17.5 million.

“The order intake started to decline rapidly at the end of last year, but we returned to growth in February," said CEO Mikko Montonen. "Due to weak demand, first-quarter net sales amounted to only EUR 4.1 million, a year-on-year decrease of EUR 400,000. Very low sales in January pushed the first-quarter operating result EUR 0.4 million into the red. However, performance improved rapidly during the first quarter and the operating result turned positive in March as the order intake picked up and delivery volumes increased.

"The company's order book is typically very short, only a few weeks, and is therefore exposed to rapid changes. We aim to systematically expand our customer base and customer segment in order to reduce fluctuations in overall demand. During the quarter Aspocomp underwent an audit of its quality management system at its plant in Oulu, Finland, in order to produce a wider product range for the automotive industry. "We expect automotive industry customers to grow in the near future," Montonen said. "Despite the difficult early months of the year, the company expects net sales to grow and the operating result to be in the black in 2016.”

Ed.: 1 EUR = $1.14 

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