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NXP Semiconductors on the road to recovery

Posted: 20 Aug 2010     Print Version  Bookmark and Share


NXP Semiconductors credited strong sales of Rs.436.81 crore ($93 million) income from operations in the second quarter of 2010 compared to a Rs.1,019.22 crore ($217 million) loss in Q2 2009.

The company reported Q2 sales of Rs.5,636.27 crore ($1.2 billion), compared to Rs.5,471.87 crore ($1.165 billion) in the previous three-month period and Rs.4,241.29 crore ($903 million) in Q2 2009. Factory loading based on wafer starts, from 62 per cent in the year-ago period, reached 96 per cent, a three-percentage-point increase from last quarter.

After breaking even in the first quarter of 2010, the chipmaker reported a gross margin of 39.3 per cent, continuing the growth from 20.6 per cent in Q2 2009 and 36.7 per cent last quarter. The semiconductor company's adjusted gross margin rose to 40.1 per cent from 30.7 per cent in Q2 2009 and 38.2 per cent last quarter. NXP's cash position was Rs.3,954.78 crore ($842 million) in the second quarter, down from Rs.4,086.29 crore ($870 million).

NXP, which raised Rs.2,235.72 crore ($476 million) in gross proceeds from 3.40 crore new shares issued during its initial public offering earlier this month, completed bond transactions in July to extend the maturities of some Rs.4,696.89 crore ($1 billion) of debt to 2018.

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