Renesas logs ¥20 billion net loss

Kyodo

Renesas Electronics Corp. logged a group net loss of ¥20.76 billion in the April-June quarter, narrowing its ¥33.22 billion net loss from the previous year, after being hit by a slowdown in the global economy, the company said Thursday.

Sales in the first quarter fell 10.0 percent from a year earlier to ¥186.61 billion, mainly because of weak demand in European and Chinese markets and the yen’s appreciation against the euro, the domestic semiconductor maker said.

Renesas posted a group operating loss of ¥17.60 billion in the quarter, down from ¥19.10 billion a year earlier, by reducing sales and management expenses and making other cost-cutting efforts.

For the full year ending March 31, Renesas forecasts a group net loss of ¥150 billion and group operating profit of ¥21 billion on projected sales of ¥868 billion, down 1.7 percent from the previous year.