Infineon net profit hits €14million
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Infineon Technologies has announced that its fourth quarter net income rose from a large loss a year ago. The German chipmaker cited cost reductions as a helping factor.
The company's net profit totalled €14million in Q4, compared with a loss of €884m year on year. Revenue declined 18% to €855m from €1.05billion in Q4 2008 – although, compared to Q3 2009, revenue increased 12%.
For the full fiscal year, Infineon reported a net loss of €671m, compared to a net loss of almost €4bn in the 2008 fiscal year.
Infineon's chief executive, Peter Bauer, said: "The strong impact of our cost reduction measures during the 2009 fiscal year have stabilised our balance sheet and helped to increase our financial freedom and flexibility. It will remain our goal to increase revenues and profitability on a sustainable basis and thus generate value for shareholders and other stakeholders alike."
Bauer stated that Infineon expects group revenue for Q1 of 2010 to be on the same level as Q4 2009 and sales growth of 10% for the full fiscal year of 2010. However, this figure was reliant on the global economy stabilising and the exchange rate of the Euro against the Dollar remaining around $1.50.
