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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (41772)	1/30/2001 10:48:00 AM
From: Proud_Infidel	Read Replies (1) \| Respond to of 70976

Profit triples for contract chipmaker Chartered By CNET News.com Staff January 29, 2001, 4:45 p.m. PT news.cnet.com SINGAPORE, China--Chartered Semiconductor Manufacturing, the No. 3 contract chipmaker, said fourth-quarter earnings surged threefold, and the company marked its first annual profit in four years. Net income for the three months ended Dec. 31 rose to $77.4 million, or 56 cents for each American depositary receipt or block of 10 shares, from $22.1 million, or 19 cents, a year earlier. That's better than the average estimate of five analysts polled by Bloomberg News. While profit gained, investors are focusing on how tough 2001 may be for Chartered. The Singapore company is expected to suffer from lower demand for chips as companies like Lucent Technologies and Motorola suffer from weaker sales of cell phones and other electronics devices. With Chartered's five plants all set to push out chips, the lack of orders will leave some equipment idle. "For Chartered, the growth won't be as high as investors had expected," said Ian Lui, regional chief investment officer at Allianz Asset Management Asia Pacific, which manages $500 million in Asia including Chartered shares. "A lot of the semiconductor players are expecting much slower growth so overall, we would see more negative news coming." Sales in the fourth quarter rose 47 percent to $318.7 million from $216.2 million. For the year, Chartered said net income rebounded to $244.8 million compared with a loss of $32.6 million a year earlier. Copyright 2001, Bloomberg L.P. All Rights Reserved. Subject 50522