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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Taiwan Semiconductor's Q1 net profit tumbles 94.5% AFP - Friday, May 1 TAIPEI (AFP) - - Taiwan Semiconductor Manufacturing Co. Thursday said its net profit in the three months to March plunged 94.5 percent as demand for microchips sank in the global recession. ADVERTISEMENT TSMC, the world's leading contract microchip maker by revenue, posted a net profit of 1.56 billion Taiwan dollars (46.96 million US) in the first quarter, compared with 28.14 billion a year earlier. The figure also marked a steep fall of 87.5 percent from the previous quarter when the company posted a net profit of 12.45 billion dollars. Earnings per share fell to 0.06 in the quarter, down from 1.08 a year earlier and 0.48 of the previous quarter. "As a result of deepening economic recession worldwide and customers' inventory adjustment, the first quarter saw a sharp decline in the demand for semiconductors across all applications," the company said in a statement. First-quarter sales came in at 39.5 billion dollars, down from 87.48 billion in the same period a year ago and 64.56 billion in the previous quarter. Gross profit margin for the quarter was 18.9 percent, compared with 43.7 percent in the same period a year earlier and 31.3 percent the previous quarter. But chief executive Rick Tsai said: "We believe the second half of 2009 will be better than the first half of 2009... our customers are still cautious. However, they are cautiously revising up their forecasts." TSMC said it expects consolidated revenue of between 71 billion dollars and 74 billion in the second quarter, up from 39.5 billion in the first quarter. It also expects its gross profit margin to widen to 43.5 percent-45.5 percent in the second quarter and its operating margin to reach 30.5 percent-32.5 percent from 3.1 percent over the same period. Pranab K. Sarmah, regional head of information technology for Daiwa Institute of Research, said TSMC's second-quarter consolidated revenue forecast was better than his expectation of a 50 percent-55 percent rise from the first quarter. "Management has confirmed my view... they're picking up by the third quarter in revenue terms rather than slowing down," he said. Separately, TSMC also said it had signed an agreement with Fujitsu Microelectronics Ltd. to produce chips using cutting-edge 40-nanometer technology for the Japanese firm. The tie-up comes as the Japanese company's parent, Fujitsu Ltd., said it swung to a net loss in the fiscal year ended March 31. - Dow Jones Newswires contributed to this story - Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Business AP IMPACT: Recession takes toll on CEO pay in 2008AP - 2 hours 57 minutes ago Japan wary of Chrysler fallout on parts makersAP - 2 hours 59 minutes ago Japan Hot Stocks-Shinko Electric, Nitto Denko, JT, shippersReuters - Friday, May 1 SEC considering change to CEO pay disclosure rulesAP - Friday, May 1 Macquarie sees more acquisition opportunitiesReuters - Friday, May 1 Enlarge Photo Taiwan Semiconductor's Q1 net profit tumbles 94.5% Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Kenyan women to sex-starve men -- for politics Fertility doctor on brink of cloning human: report Israel deems 'swine flu' kosher after all Britney's ex-manager forced to stay away from star Swine flu spreads economic shivers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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