Taiwan-based industrial PC (IPC) maker Advantech announced revenues of NT$1.1 billion (US$37.4 million) for February 2011, down 26.7% on month, but up 33.74% on year. Advantech pointed out that the on-month drop was mainly due to fewer working days in the month because of the Lunar New Year holidays, while clients shifting forward their shipment schedules to January also had some minor affect.

However, the company is optimistic about demand in March and expects its results in the first quarter to have a chance to perform better than its original forecast of a sequential drop of 10%.

Advantech pointed out that its performance in February was better than expected and since the company saw most of its employees returning to work after the Lunar New Year plus clients continue to place orders, Advantech expects its revenue performance in March to be back on track.

In February, Advantech saw its revenues from Japan grow 23% with Europe also growing 3%; meanwhile, the company's industrial automation business saw shipment growth of 7% in February with smart platform business also seeing 4% growth.