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Business

Infineon Post Profit but Lowers Outlook

German semi-conductor giant Infineon posted Tuesday its first annual profit in three years, but issued a downbeat outlook for the months to come. In the 12 months ending September 30, the group made a net profit of €61 million ($78.8 million dollars), compared to a loss of €435 million in its 2002/2003 fiscal year, it said in a statement. Earnings before interest and tax (EBIT) amounted to €256 million, against a loss of €299 million a year earlier. Sales grew by 17 percent to €7.195 billion. "We were able to strongly increase revenues and operating cash flow during the last fiscal year but are not satisfied with the earnings," said chief executive Wolfgang Ziebart. "Our primary goal for the upcoming years is to improve productivity and increase efficiency while containing our cost base." Looking ahead, Infineon said it expects a first quarter slowdown in several business segments as the world semiconductor market shrinks. The Munich-based company cited an industry forecast that the semiconductor market will grow by a single-digit amount in 2005 after increasing by nearly 30 percent in dollar terms this year. (AFP)