(Adds company comment, background)
March 25 (Reuters) - British technology firm IQE Plc
on Thursday posted a smaller operating loss for 2020 and said
sales at the start of the current year were quite robust, driven
by demand for 5G mobile handsets.
The company, which makes semiconductor wafers for chips used
in Apple Inc products, said revenue for its wireless
Gallium arsenide (GaAs) epiwafers were strong as more products
were using the product.
"In addition, demand for 3D sensing, advanced sensing
applications and communications products continues to remain
positive," the company said.
Technology firms globally have benefited from the
work-and-study-from-home trends during the COVID-19 pandemic, as
people rushed to buy laptops, tablets and other equipment.
IQE said it expects revenue and adjusted core earnings in
the first half of 2021 to be similar to the year-ago period on a
constant currency basis, adding that its global sites did not
face any production interruptions during the health crisis.
The UK-based company reported a full-year operating loss of
5.5 million pounds ($7.52 million), compared with a loss of 18.8
million pounds a year-ago. Proceeds from a legal settlement in
its favour, partially offset higher costs.
On an adjusted basis, IQE recorded an operating profit of
5.4 million pounds.
The company also said the search for a new chief executive
is ongoing after founder Drew Nelson said last year he would
step down from the top role.
($1 = 0.7313 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Subhranshu Sahu, Bernard Orr)
IQE (IQE)
