Nov 16, 2011 - French silicon-on-insulator wafers maker Soitec (EPA:SOI) reported today a net attributable loss of EUR 12.9 million (USD 17.3m) for the first half of fiscal 2011/12, ending March, versus a loss of EUR 7.4 million a year earlier.
The group swung to an operating loss of EUR 8.5 million versus a profit of EUR 2.5 million a year earlier.
The company attributed its worsened results to the evolution of exchange rates. While most of the group's costs are in euro, the company sells its products in US dollars, which makes Soitec very dependent on the fluctuations of the US currency.
At constant exchange rates, Soitec would have had a positive operating margin of 2%, CEO Andre-Jacques Auberton-Herve said.
In addition, the financial performance was affected by the company's new investments.
Soitec has confirmed that over the full year, it would book a current operating loss.
(EUR 1.0 = USD 1.345)