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Micronas issues warning on performance

The Zurich-based microchip system manufacturer, Micronas, warned on Thursday that its profits this year would be affected by a downturn in the sector.

It made the forecast after releasing solid figures for last year that showed net profit increasing to SFr64.46 million ($38.21 million). Sales rose to SFr490 million.

Net income for the current year is expected to come in at between SFr35 and SFr60 million,

A statement said that the current business year would be "significantly more difficult", with a forecast of stagnating sales for the first half and moderate growth for the second six months of the year.

However, the company says it is upbeat about its long-term prospects.

Despite the difficult market situation, Micronas is convinced that the well-filled product pipeline and good uptake of new developments will enable the group to achieve solid growth and a further strengthening of its market position, the statement said.

Micronas shares, listed in Zurich and Frankfurt, have underperformed the stock market by 61 per cent in the past 12 months.

swissinfo with agencies


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