VIENNA, AUSTRIA -- AT&S reported fiscal 2016 revenue rose 14.4% to EUR 762.9 million ($864.5 million), helped by a new factory in Chongqing, China. 

Organic revenue growth was 5.2%, while positive currency effects contributed 8.8% (EUR 58.9 million).

Net profit was for the year of EUR 56 million, down from EUR 69.3 million in fiscal 2015.

EBITDA for the year ended Mar. 31 was flat year-over-year at EUR 167.5 million ($189.8 million), adjusted for the effect of the Chongqing plant. Startup costs of Chongqing were EUR 12.7 million, up from EUR 4.4 million a year ago. Including Chongqing, EBITDA was EUR 174.4 million, up 4%.

EBITDA margin dropped 310 basis points year-over-year to 22%. Net debt rose to EUR 263.2 million, up from EUR 130.5 million a year ago.

The printed circuit board fabricator offered a positive outlook for fiscal 2017, with projected revenue growth of 10 to 12% and EBITDA margin of 18 to 20%.

AT&S invested EUR 190.3 million ($216 million) in the two plants in Chongqing in the past fiscal year. As of February, the plant for IC substrates was certified and serial production begun. A second production line for IC substrates is currently being established, while infrastructure for the second plant, which will produce substrate-like PCBs beginning in the second half of calendar 2016 is complete and equipment being installed.

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