Electronics Production | April 26, 2007
Qimonda quarterly net hit by DRAM price fall
German based company Qimonda's net sales of Euro 984 million in the second quarter of FY 2007 increased from Euro 928 million year over year, but decreased from Euro 1.17 billion compared to the first quarter of FY 2007.
Second quarter FY 2007 EBIT improved to Euro 85 million compared to EBIT of Euro 21 million in the second quarter of FY 2006, although declined from EBIT in the first quarter of FY 2007 of Euro 250 million. Net income increased to Euro 57 million compared to a net loss of Euro 9 million in the second quarter of FY 2006. In the prior quarter net income amounted to Euro 177 million. For the first half of FY 2007, Qimonda achieved net sales of Euro 2.16 billion, an increase of 34 percent compared to the same period last year. EBIT for the first half of the financial year improved to Euro 335 million compared to an EBIT loss of Euro 102 million in the first half of the previous financial year. Net income increased to Euro 234 million compared to a net loss of Euro 136 million in the first half of the FY 2006. On a year-over-year basis, quarterly net sales increased mainly due to Qimonda's 30 percent bit-shipment growth, which more than offset the combined effects of a decline in average selling prices and a weaker US dollar. Quarter over quarter, net sales decreased mainly due to a 21 percent decline in average selling prices and a weaker U.S. dollar and was partially offset by a 7 percent increase in bit-shipments. In the second quarter, the share of bit shipments to non-PC applications was 50 percent, primarily due to stronger than expected bit shipment growth in the PC market as PC makers increased the amount of DRAM per system. In addition, seasonal declines were more than expected in the consumer and infrastructure markets. 36 percent of Qimonda's net sales in second quarter FY 2007 were generated in North America, 22 percent in Europe, 31 percent in Asia Pacific and 11 percent in Japan. With cash flow from operations of Euro 286 million during the second quarter FY 2007, the company's net cash position improved to Euro 937 million while the gross cash position decreased slightly to Euro 1.14 billion due to debt repayment. Capital expenditures were Euro 144 million, mainly for the further expansion of the Richmond 300mm wafer manufacturing facility and equipment upgrades for the further conversion towards next generation 75nm DRAM technology. Qimonda expects its bit production to grow by 8 to 12 percent in the third quarter of FY 2007, mainly based on additional capacities from the 300mm line in Richmond and the Joint Venture Inotera and continued productivity improvements as a result of the conversion of more capacities to 80nm technology and below. The company expects its share of bit-shipments to non-PC applications to be more than 50 percent for the third quarter and expects the trend of stronger demand for PC-related products to continue.
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