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UPDATE 2-Melexis sees revenues growing 10-15 pct in 2003

(Wraps earlier stories, adds quotes, share price)

By Gilles Castonguay

BRUSSELS, Feb 21 (Reuters) - Belgian semiconductor maker Melexis on Friday reiterated its forecast that 2003 would be a third consecutive year of double-digit revenue growth as demand for electronic components for cars kept growing.

Melexis, whose semiconductors help monitor oil pressure and control engine temperature among other applications, said it expected revenues to grow 10-15 percent this year, repeating a forecast made in November.

"It will be a year that will be a continuation of the revenue growth (seen in previous years)," Chairman Roland Duchatelet told Reuters.

Melexis also reported a revenue growth of 15 percent at 118.2 million euros ($128 million) for 2002, pushing net profit 6.6 percent higher to 21.6 million euros.

Although the semiconductor industry has been suffering from a severe downturn, Melexis and other small companies have been growing their business by focusing on the automobile sector where the latest models are being fitted with more electronics.

Last week, Swiss rival Micronas said it aimed to push sales by as much as 16 percent this year.

In early afternoon trade, Melexis was off 0.92 percent at 5.40 euros in Brussels, down 8.3 percent on the year. Volume was twice its average daily size at 116,350 shares.

A Brussels equities strategist said investor reaction to the forecast and full-year figures was muted because they were broadly in line with expectations.

"The story is the same," he said.

U.S. mutual fund Fidelity recently raised its stake in Melexis to 10.18 percent from 7.04 percent. Another 49.9 percent is owned by Elex, a Belgian holding company majority owned by Duchatelet.