GlobalFoundries, the former chip manufacturing arm spun off from Advanced Micro Devices, has moved fast to put its financial house in order after acquiring Singapore contract chip maker Chartered Semiconductor.
Chartered, which is now called GlobalFoundries Singapore, posted 2009 full-year revenue of US$1.54 billion, down from $1.74 billion a year earlier, it said in a statement on Monday. The revenue includes its stake in chip maker Silicon Manufacturing Partners.
The company said its gross profit in 2009 was $200.9 million, compared to $213.8 million a year earlier. Gross profit does not include expenses such as research and development, marketing, or taxes. GlobalFoundries Singapore did not provide a net profit figure for the year or the fourth quarter.
The company's fourth quarter revenue was $482.1 million, up from $359.0 million a year earlier. Its gross profit in the fourth quarter of 2009 was $109.4 million, compared to $13.9 million a year earlier.
Other figures in the statement show GlobalFoundries Singapore has paid down about a quarter of its debt since the end of 2009, when its long-term debt and capital lease obligations totaled $1.91 billion. The company said it has already retired $565 million of that debt, and is on track to reduce total indebtedness by around $861 million due to actions taken since it was acquired by Abu Dhabi's Advanced Technology Investment Company (ATIC), which is AMD's joint venture partner in GlobalFoundries.
ATIC finalized the deal to buy Chartered and add the company to the GlobalFoundries family in a deal worth S$5.6 billion (US$4 billion) at the end of last year. Prior to the acquisition, Chartered was the third largest contract chip maker in the world behind Taiwan Semiconductor Manufacturing (TSMC) and United Microelectronics (UMC).
TSMC, the world's biggest contract chip maker, reported 2009 revenue of NT$295.7 billion (US$9.3 billion), down from NT$333.2 billion (US$10.5 billion) a year earlier. The company's gross profit in 2009 was NT$129.3 billion (US$4.1 billion), down from NT$141.8 billion (US$4.5 billion). TSMC reported its net profit for 2009 was NT$89.2 billion (US$2.8 billion), down from NT$99.9 billion (US$3.2 billion) in 2008.