TOKYO -- Japanese chip making equipment vendor Tokyo Electron Ltd. said Friday (April 30) that strong sales in the second half of its financial year returned the company to profitability. In the current financial year the company is forecasting its sales will expand 18.9 percent.
On a consolidated basis Tokyo Electron made a net profit of 8.3 billion yen (about US$75.3 million) on net sales of 529.7 billion yen (about US$4.8 billion) in the year that ended on March 31, compared with a net loss of 41.55 billion yen (about US$376.9 million) in 2002/03, the company said.
These numbers and the those for the fourth quarter were slightly below those predicted by an analyst earlier in the week.
In the fourth quarter of the financial year net sales were 187.0 billion yen (about US$1.7 billion) up 33.4 percent on the same quarter a year before. The fourth quarter consolidated net income was 15.4 billion yen (about US$140 million) compared with a consolidated net loss of 38.9 billion yen (about US$350 million).
The company forecast a net profit of 52 billion yen (about US$472 million) for the current business year to March 2005 on revenues of 630 billion yen (about US$5.7 billion).
Sales of semiconductor production equipment increased in the second half of the financial year compared to the first half.
Like many other makers of chip making equipment, Tokyo Electron is enjoying a recovery in orders as chip manufacturers ramp up production after the longest and deepest slump in the semiconductor industry.