Eltek ASA - Report 4th quarter and full year 2010
(Thomson Reuters ONE) -
Eltek ASA reported robust performance in the continuing business in the fourth
quarter 2010. Revenue increased by 19 percent to NOK 1,208 million, and order
entry by 30 percent to NOK 1,053 million. EBIT in the continuing operation was
NOK 96 million and profit before tax NOK 79 million in the fourth quarter. For
the full year 2010, EBIT was NOK 197 million and profit before tax NOK 154
million.
Net profit from the continuing operations was NOK 85 million for the fourth
quarter 2010 and NOK 137 million for the full year. As a consequence of the
divestment in January 2011, Nera Networks is recognized as discontinued
operation with preliminary estimated losses after tax of NOK 212 million for the
fourth quarter and NOK 411 million for the full year.
As separately communicated, Nera Networks was in January 2011 sold to Ceragon
Networks for USD 48.5 million on a cash and debt free basis. The divestment
enables Eltek to refocus on power electronics and strengthens the funding of the
core business activities and growth initiatives in new business areas.
Eltek Valere reported revenue of NOK 958 million for the fourth quarter, up 17
percent from the fourth quarter 2009 (821). Gross margin continued to increase,
to 27.2 percent (26.6), contributing to an increase in operating profit (EBIT)
to NOK 82 million in the fourth quarter (69). Order entry increased 30 percent
to NOK 916 million (703), and the year-end order backlog was NOK 780 million
(430).
Nera Telecommunications reported revenue of NOK 249 million for the fourth
quarter, up 29 percent from the fourth quarter 2009 (194). Gross margin
increased to 23.6 percent (23.1), and EBIT to NOK 25 million (16). Order entry
was NOK 137 million in the fourth quarter (108).
Going forward, Eltek Valere believes it is well positioned to further develop
its strong position in the telecom power market, which overall is expected to
show moderate growth. The portfolio of highly energy-efficient and
environmentally sound products is also believed to create an edge in the
continued building of the company's Industrial applications business and the
growth into large renewable energy markets such as the grid-connected solar
power market. Operationally, the company retains its focus on cost efficiency
and working capital
Please find enclosed the interim report for the fourth quarter and full year
2010 on http://www.newsweb.no
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Key Figures:
http://hugin.info/86881/R/1491168/426808.pdf
4Q Report Eltek:
http://hugin.info/86881/R/1491168/426807.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eltek ASA via Thomson Reuters ONE
[HUG#1491168]
Unternehmensinformation / Kurzprofil:
Datum: 22.02.2011 - 08:25 Uhr
Sprache: Deutsch
News-ID 51769
Anzahl Zeichen: 3511
contact information:
Town:
Drammen
Kategorie:
Business News
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