Infineon raises full-year sales targets

German semi-conductors giant Infineon on Tuesday raised its full-year sales targets on the back of the weaker euro and the first-time consolidation of US rival International Rectifier. "Based on an assumed exchange rate of $1.10 (as opposed to $1.20 previously) to the euro, Infineon forecasts year-on-year growth in revenue of 36 percent," the group said in a statement.
Infineon, which runs its business year from October to September, had already raised its full-year targets at the end of January to growth of 10-14 percent. Fully consolidated in mid-January, the new subsidiary already contributed 199 million euros to sales in the first quarter, the group said. In the January-March period, profits were down, however, as a result of the costs of integrating International Rectifier, with the bottom line falling by 45 percent to 68 million euros and operating profit down 37 percent at 85 million euros.