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

To: StanX Long who wrote (59571)	1/29/2002 3:08:38 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Tuesday January 29, 1:14 PM Chartered Semi warns of wider loss By Jennifer Tan sg.news.yahoo.com SINGAPORE (Reuters) - Major chip maker Chartered Semiconductor Manufacturing posted a fourth quarter loss on Tuesday in line with expectations, but disappointed analysts looking for a turnaround in the sector with a warning of steeper losses ahead. The world's third largest independent chip maker's shares were down 14 cents or 2.86 percent at S$4.76, but off an earlier low of S$4.70. The stock price was also lower than the New York close, prior to the release of the results, which worked out to be equivalent to S$4.85 per share. The Singapore-based foundry said it expected a net loss of US$136 million to $139 million, or 98 cents to $1.00 per American Depositary Share (ADS) for the three months to March 31, 2002 due to higher net interest expense. This is above the loss estimate of between 82 cents and 93 cents per share forecast by seven analysts surveyed by researcher Thomson Financial/First Call. Singapore broker G.K. Goh Securities downgraded Chartered to "sell" from "trading buy" following continued deterioration in average selling prices (ASPs) of chips. "We expect the continued deterioration in ASPs, and the resulting increased losses, to be the main issue with investors," it said. But Chartered's chief executive, Barry Waite, struck an upbeat note in the analyst conference call, noting that he saw sequential revenue growth in the first quarter. "While the speed of near-term industry recovery remains unclear, we have seen growing evidence that Chartered's revenues have bottomed and will gain growth momentum as we move through the year," he added. Chartered, reeling from the worst downturn in the history of the sector, continues to struggle relative to rival Taiwan Semiconductor Manufacturing Co Ltd (TSMC) <2330>, the world's largest contract maker of microchips.