HONG KONG -- Chip packaging and test contractor ASAT Holdings Ltd. today reported a 17% sequential drop in revenues to $22.6 million in its fiscal third quarter, ended Jan. 31, compared to $27.1 million in the prior three-month period. ASAT's revenues were 73% lower than $84.4 million in the same quarter a year ago.
The company's net loss for the just-ended fiscal quarter was $17.1 million compared to a net loss of $49.5 million in the prior quarter and a profit of $10.7 million in the period last year.
ASAT's sales were higher than its forecast of $18-to-$21 million in the quarter primarily because of increased demand for backend assembly and testing services from non-communication chip customer, said Joe Martin, chief operating officer of the company.
"Although we believe the worst of the industry downturn is behind us, overall demand is still slow to recover," Martin said. "While there are signs of inventory improvement, the majority of our customers expect to see single-digit sequential growth for at least the next two quarters, with more accelerated growth forecasted for the second half of calendar 2002."
For the current fiscal quarter, which end April 2, ASAT expects revenues to be flat-to-up 10% sequentially from the prior quarter.