Infineon Q1 oper profit slightly ahead of expectations

FRANKFURT Thu Jan 31, 2013 1:44am EST

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FRANKFURT Jan 31 (Reuters) - German chipmaker Infineon on Thursday reported a slightly better-than-expected first-quarter operating profit as cost savings are starting to show effect.

Fiscal first-quarter operating profit, excluding special items, fell 69 percent from last year to 44 million euros ($59.71 million), beating the average expectation of 42 million euros in a Reuters poll.

Infineon said it still expected 2013 revenue to drop 5-9 percent, while its core operating profit margin would reach between 5-9 percent. ($1 = 0.7370 euros) (Reporting by Harro ten Wolde)

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