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Article: JAPANESE CHIP MAKER EXPECTS TO END 2008 IN THE RED.(Financial report)
- Article from:
- AsiaPulse News
- Article date:
- December 10, 2008
CopyrightCOPYRIGHT 2008 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TOKYO, Dec 10 Asia Pulse - Japan's Mitsui High-tec Inc. (TSE:6966) said Tuesday that it expects to fall into the red for the first time in six years, with a consolidated net loss of 2.2 billion yen (US$23.9 million) for the year through January 31.
The firm logged a net profit of 1.6 billion yen the previous year.
It had initially projected an 850 million yen net profit for this year, but sales of mainline semiconductor lead frames have dropped due to the slump in the chipmaking industry.
It also expects to book an extraordinary loss owing to valuation declines on securities investments.
Overall sales are forecast to fall 18 per cent to ...