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AT&S deep in the red

Lisa Chapman

Styrian printed circuit-board manufacturer AT&S saw a 50.1 million Euros loss in the first quarter of its 2009/2010 business year amid difficult business conditions, the company reported today (Thurs).

The firm said its turnover had declined by 27.7 per cent to 83.2 million Euros, slightly more than the 23.9 per cent analysts had expected.

The decline in turnover affected all aspects of operations, company officials said, and, given its high fixed costs, put "significant pressure" on margins.

AT&S (Austria Technology & Systemtechnik) attributed the loss to difficult business conditions and to restructuring of its headquarters in Leoben-Hinterberg, which had cost it 38.3 million Euros.

Without that one-off expense, the firm said, its loss would have been 11.8 million Euros, in line with analysts� expectations.

AT&S said: "We are proceeding on the assumption that the first quarter marked the low point in our current business year." It said it expected more orders in the second and third quarters.

But the company warned those order would not compensate for the loss in the first quarter.

AT&S outsourced part of its business to its plant in Shanghai, China at the beginning of June, a move that cost 300 of its 890 employees their jobs.

Austrian Times

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Tag cloud:
conditions Shanghai turnover China compensate Hinterberg Leoben Euros business restructuring loss expense headquarters analysts jobs expectations outsourced margins quarter employees

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