TOKYO | Thu Aug 2, 2012 2:14am EDT
TOKYO Aug 2 (Reuters) - Japanese chipmaker Renesas Electronics Corp said on Thursday it expects an operating profit of 21 billion yen ($268 million) for the year to March 2013, after its major shareholders pledged $633 million in loans to support a turnaround plan.
Renesas' full-year outlook beat a 28.3 billion yen operating loss forecast by nine analysts polled by Thomson Reuters I/B/E/S.
For the April-June quarter, Renesas logged an operating loss of 17.6 billion yen, down from a 19.1 billion yen loss in the same period last year after it was forced to shut plants in the aftermath of the earthquake and tsunami.
Renesas' major shareholders Hitachi Ltd, Mitsubishi Electric Corp and NEC Corp - which together own 90 percent of the chipmaker - said on Tuesday they would provide 49.5 billion yen in financial support. Renesas is also expected to secure 50 billion yen in bank loans.
It plans to use the funds to cut 12 percent of its workforce and sell or consolidate half of its domestic plants, although analysts question whether it will find buyers for its loss-making plants. ($1 = 78.2400 Japanese yen) (Reporting by Mari Saito; Editing by Richard Pullin)
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TOKYO Aug 2 (Reuters) - Japanese chipmaker Renesas Electronics Corp said on Thursday it expects an operating profit of 21 billion yen ($268 million) for the year to March 2013, after its major shareholders pledged $633 million in loans to support a turnaround plan.
Renesas' full-year outlook beat a 28.3 billion yen operating loss forecast by nine analysts polled by Thomson Reuters I/B/E/S.
For the April-June quarter, Renesas logged an operating loss of 17.6 billion yen, down from a 19.1 billion yen loss in the same period last year after it was forced to shut plants in the aftermath of the earthquake and tsunami.
Renesas' major shareholders Hitachi Ltd, Mitsubishi Electric Corp and NEC Corp - which together own 90 percent of the chipmaker - said on Tuesday they would provide 49.5 billion yen in financial support. Renesas is also expected to secure 50 billion yen in bank loans.
It plans to use the funds to cut 12 percent of its workforce and sell or consolidate half of its domestic plants, although analysts question whether it will find buyers for its loss-making plants. ($1 = 78.2400 Japanese yen) (Reporting by Mari Saito; Editing by Richard Pullin)
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