Sales down 29% for Renesas following March quake
Renesas Electronics has reported a 29% year on year fall in revenues from its semiconductor business in the first quarter of 2011.
The Japanese chipmaker, a major global supplier of chips used in consumer electronics and the automotive industry, faced major disruption in its chip production in March following the devastating earthquake. It was subsequently forced to close its main Naka fab.
Earlier this year, the company reported an annual net loss of 115billion yen ($1.4billion). It also announced a loss on disaster of 49,504m yen, including an insurance income receivable of 16,000m yen. The firm is hoping to return to normal supply levels by Q3.
