HONG KONG -- Elec & Eltek said second-quarter net profits plunged 64.1% to $4.2 million on lower average selling prices. Revenue for the period ended June 30 fell 3.5% to $131 million, the PCB fabricator added.

A new production plant in Yangzhou did not generate the sales the company had hoped for, E&E said, while wage hikes and currency appreciation in China tamped down profits.

E&E operates 13 manufacturing facilities in Hong Kong, Thailand and China, with an aggregate annual production capacity of 54 million sq. ft.