FRANKFURT Oct 24 German chip equipment maker
Aixtron warned it would post a bigger than expected
2012 operating loss after a sluggish recovery of demand forced
it to write down the value of its inventory.
"Despite the positive long-term outlook for the LED
(light-emitting diode) industry, the existing stock held was
inappropriately high in comparison to the current subdued level
of demand in the market," Aixtron said in a statement early on
A 51.5 million euro ($66.8 million) writedown in the third
quarter will lead to a full-year operating loss of 125 million
euros, more than three times as much as analysts on average
expected in a Reuters poll.
In the third quarter alone, the operating loss came to 78
million euros, Aixtron said.
The company said it expected to return to profitability in
2013 thanks to rising demand for equipment used to make LEDs.
($1 = 0.7714 euros)
(Reporting by Maria Sheahan)