July 9, 2020 / 6:33 AM / a month ago

Switzerland's VAT Group upbeat on chip sector, shares set to rise

ZURICH, July 9 (Reuters) - Switzerland’s VAT Group posted higher-than-expected sales and orders for the second quarter, citing good demand from the semiconductor sector.

The maker of vacuum technology for the semiconductor, digital display and other precision industries reported order intake of 177 million Swiss francs ($189 million), up 32% year on year, while net sales rose a guidance-beating 28% to 173 million francs.

“The increase is the result of stronger-than-expected demand across the semiconductor industry. In addition, supply chain bottlenecks from the COVID-19 pandemic were less severe than originally anticipated,” it said on Thursday.

Its shares were indicated around 5% higher in pre-market activity.

It said it expected general market conditions for the rest of the year to remain favourable.

$1 = 0.9364 Swiss francs Reporting by Michael Shields; Editing by Edmund Blair

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