TSMC earnings slip 66 pct Q/Q as recovery halts
sg.news.yahoo.com
Tuesday October 22, 1:30 PM
TAIPEI, Oct 22 (Reuters) - Taiwan Semiconductor Manufacturing Co (TSMC) , the world's largest contract chipmaker, said on Tuesday its third-quarter profits more than doubled from last year's depressed levels but fell sharply from the previous quarter as demand faltered.
TSMC, which carries out production orders for U.S. and European microchip companies, posted net profits of T$3.16 billion, or T$0.16 a share, for the third quarter ended September 30.
Looking ahead, TSMC expected sales to bottom out in the next two quarters, forecasting double-digit growth in sales in 2003, it said in a statement.
The company results came in under an average estimate of T$0.26 a share in a Reuters survey of six analysts.
TSMC had posted a much faster comeback than other chipmakers from a dismal 2001, when the semiconductor sector suffered its worst revenue decline on record.
But, company Chairman Morris Chang warned in July that the recovery would "pause" for three to six months, as the demand turned out worse than expected in the second half of 2002.
The company announced results after Taiwan's stock market close on Tuesday, falling 4.4 percent versus a 1.73 percent drop in the benchmark TAIEX share index. The issue has given up 25 percent since Chang's warning, while the TAIEX has dropped 13 percent. |
