Chartered remains upbeat results of 18 percent sequential revenue growth and 88 percent capacity utilization for its second quarter. But revenue growth will slump to about four percent and utilization will fall to 84 percent in the coming quarter, executives predicted.

The company posted a net profit of $43.3 million in its second quarter, due in part to a tax benefit of about the same size. "We expect to post a net loss of approximately $29 million for the third quarter," said George Thomas, senior vice president and chief financial officer of Chartered, in a company statement.

The company blamed higher energy costs for contributing to the bleak outlook. "We have initiated discussions with our customers to share the cost increases," said Chia Song Hwee, president and chief executive of Chartered in the press release. The company has not seen any broad decline in demand, but "we continue to be cautious about the worsening economic situation," he added.

By: DocMemory
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