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Technology Stocks : PC Sector Round Table
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To: Mark Oliver who wrote (1959)9/28/1999 9:09:00 AM
From: Sam  Read Replies (2) of 2025
 
Mark,
Another update from UMC, same link as last time, they are just appending text. Here is today's text. More optimism:

ANNOUNCEMENT UPDATE - 12:00pm 9/28 (Taiwan time)

UMC Group continues its efforts to return to full production. We have also completed a more thorough estimate of the damage caused to UMC Group's operations. We would like to announce the following:

1.Based on a more complete estimation of losses, business interruption revenue loss for UMC Group's publicly listed companies UMC and UTEK will be 25% of revenues in September and 12.5% of revenues in October. Therefore, total revenue loss at UMC attributable to the earthquake is NT$1 billion (US$ 31.3 million), while the figure is NT$270 million (US$ 8.4 million) for UTEK.

2.Total profit loss resulting from loss in revenues at UMC is estimated at NT$ 400 million (US$ 12.5 million). Total profit loss for UTEK is estimated at about NT$ 60 million (US$ 1.9 million).

3.UMC Group has insurance coverage for damages caused by the earthquake, as well as for interruption of business operations. Therefore, the actual financial loss for UMC and UTEK will be significantly less than the above numbers.

4.Based on our current estimates, less than 10% of the total wafers in production at UMC Group fabs at the time of the earthquake will have to be scrapped.
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