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Micronas results add to gloom

Micronas is the latest company to be hit by the economic slowdown

(swissinfo.ch)

The microchip producer, Micronas, says the slum in the technology sector has eaten into its first-half results and has warned that the situation is unlikely to improve in the near future.

The company said on Wednesday that first-half net profit fell to SFr24.5 million ($14.16 million) compared with SFr32.6 million for the same period last year. The decline came despite a rise in first-half sales to SFr283.7 million from SFr216.8 million.

It said that for the year as a whole it expected a modest profit and sales of around SFr550 million.

A company statement said it expected difficult conditions to persist, blaming the very subdued mood in its key consumer and automotive markets. It said there had been a dramatic reduction in demand for mobile phone accessories and lower than expected demand in the automotive market.

Micronas reported a loss of SFr3.9 million for the second quarter alone, partly caused by the costs of integrating its image and video business acquired from Germany's Infineon Technologies last year.

The company has instituted a hiring and salary freeze to keep a lid on costs.

Micronas shares have under performed the SMI index by 81 per cent in the past 12 months.

swissinfo with agencies


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