UPDATE 1-Chartered Semi releases improved Q2 guidance

* Chartered revises Q2 revenues upward

* Chartered lowers Q2 loss projection

LOS ANGELES, June 11 (Reuters) - Chartered Semiconductor Manufacturing Ltd (CSMF.SI) CHRTD.O on Thursday revised its second-quarter 2009 revenue guidance upwards citing improvements in its business.

Chartered said it now expects second-quarter revenues to increase about 60 percent from its first-quarter revenues of $243.9 million, with second-quarter revenues seen in the $338 million to $348 million range, compared with an April forecast of $321 million to $333 million.

The company now expects a second-quarter loss in the range of $45 million to $53 million, versus a previous forecast of loss in the range of $54 million to $64 million. (Reporting by Susan Zeidler, editing by Leslie Gevirtz)