SINGAPORE -- Silicon foundry supplier Chartered Semiconductor Manufacturing Pte. Ltd. today said business conditions continued to improve, leading the company to raise its sequential revenue growth estimate for the first quarter to a percentage range in the "mid-single digits" from $76.1 million in Q4 of 2001.
Chartered said it now expects a loss of $0.98 per American Depositary Share (ADS) compared to its previous guidance of $0.98-to-$1.00 loss. The expected loss is still greater than $0.92 per ADS share, or $127.2 million, in the fourth quarter of 2001. Chartered's wafer fab utilization rate is still expected to be in the mid-to-high-20 percent range.
"We are encouraged by the trends in our business this quarter and by the continuing signs of improved confidence we are seeing within our customer base," said Chia Song Hwee, senior vice president and chief financial officer Chartered. "While modest, the improvement in our guidance does tend to substantiate our expectation that the industry is in the early stages of recovery and that Chartered's revenue growth should gain momentum as we move through the year."
Chartered is scheduled to released its first quarter results on April 19.