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2008-04-30 00:00:00
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BERLIN — Russian electronics conglomerate Sitronics took a net loss of $234M (150M euros) for fiscal year 2007 while semiconductor unit revenues outperformed all other divisions.
The company's microelectronic solutions unit, which includes semiconductor manufacturing, saw revenues soar 77 percent to $217M (139M euros) year-on-year.
"Strong sales growth was fueled by robust demand in the Russian microelectronics market, which grew at approximately double the pace of the global market," the company said in a statement. In addition, government orders for R&D projects increased.
The company's total 2007 revenues were flat at $1.62B (1B euros).
The net loss compares to a profit of $172M (110M euros) in 2006.
Sergey Aslanian, Sitronics' president, called 2007 a challenging year.
"We faced rapidly changing market conditions in the second half of the year in several of our core business segments," he said in a statement.
Sitronics' new business strategy, introduced in Q4, aims to create "a single vertically integrated high-tech group," he said.
The company will also focus on fast-growing, high margin product segments.
Aslanian added that his company signed $450M (289B euros) in new contracts and has also moving some manufacturing to China to save on operational costs.
This year, Sitronics plans to begin building a $2.3B (1.4B euros) flash memory fab turning out 65-45nm ICs. Sitronics will own 51 percent and the Russian state 49 percent.
Output will supply domestic demand for applications such as digital TV, GPS receivers for GLONASS System and SIM cards for 3G mobile systems.
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