Taiwan Semiconductor Posts Strong Q2 Results

STOCKHOLM (07/31/2000) - Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC), the world's largest dedicated contract manufacturer of chips, Monday reported sharp increases in both net income and revenue for its second fiscal quarter.

Net income for the quarter, ended June 30, jumped to NT$13.35 billion (US$430 million), a 122 percent increase over the corresponding quarter a year ago, while revenue rose 85 percent to NT$31.81 billion, the Hsinchu, Taiwan-based company said in a statement.

TSMC attributed the sales increase, which included NT$6.43 billion contributed from joint ventures, to greater unit sales as well as a higher average selling price.

Earnings per diluted share rose 121 percent to NT$1.33, or from 9 cents to 22 cents per American Depository Receipt (ADR), which are traded on the New York Stock Exchange. The per-share earnings figure handily beat the 17 cents per share consensus estimate by four analysts polled by financial watchdog First Call/Thomson Financial.

Adjusted for TSMC's mergers with two Taiwan-based chip producers, which both were completed as of June 30, net income for the first six months of the year reached NT$23.58 billion on revenue of NT$64.92 billion, TSMC said. The revenue figure was 8 percent higher than the NT$60.1 billion TSMC reported on a pre-merger basis.

In unit terms, TSMC saw shipments of communications chips increase to 39 percent of total units shipped in the second quarter, as compared to 26 percent in the corresponding quarter a year ago. The share of chips for use in computer applications declined to 36 percent, down from 41 percent last year.

TSMC, in Hsinchu, Taiwan, can be reached at +886-35-780-221, or via the web at http://www.tsmc.com.tw.

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