German semiconductor manufacturer Infineon Technologies has announced a rise in revenues of €1.52 billion, an increase of 10 per cent for the first quarter of 2003.
In a statement this morning, the company attributed the increase to higher demand for memory products and semiconductors used in mobile phones and the continued strong performance of the automotive and industrial segment.
The revenue increase also reflects the first-time consolidation of a full quarter of revenues of Ericsson Microelectronics, which Infineon acquired in September 2002, according to the statement.
Quarterly earnings before interest and taxes was a loss of €31 million, a strong improvement from a loss of €292 million in the fourth quarter of 2002, which included exceptional effects of €119 million, and from a loss of €564 million in the first quarter of the last fiscal year.
The improved earnings performance was mainly due to further cost cuts in the memory-product segment and a shift in sales towards higher margins products.
Net loss amounted to €40 million compared to a net loss of €506 million in the previous quarter, which included a non-cash charge of €275 million to establish a deferred tax valuation allowance.