Soitec's sales fall 27.2% Y/Y in Q1 FY 2012/13

Jul 17, 2012 - French silicon-on-insulator wafers maker Soitec (EPA:SOI) Monday posted sales of EUR 60.3 million (USD 74m) for its first quarter through June, down 27.2% year-on-year, and guided for an EUR-60-million operating loss in the six months to September 30.

Most of the company's revenue for the three-month period came from wafer sales, which dropped by 40.2% to EUR 46.3 million. Sales of 300-mm (11.8-inch) wafers fell by 42.5%, while the decline was 31.5% for other diameters.

The company's solar energy segment did not bring any significant sales, but it expects first deliveries to projects in California in the second half of fiscal 2012/13. Soitec noted that the financial close date for all winning projects in South Africa's first tender round for renewable energy capacity had been put off. The 50-MW Touwsrivier solar project, for which Soitec is to supply equipment, is among these delayed projects.

"Over the year, Solar Energy division will continue to carry out significant investments to deliver mainstream revenue in financial year 2013/2014," the company commented.

Soitec said it did not expect any significant contribution from its solar business in the first half of the fiscal year. Sales at its electronics segment are also on the slide. As a result, the company is putting more effort into cost-cutting measures, whose effect is anticipated in the second fiscal half through March 2013.

(EUR 1 = USD 1.226)

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