Taipei--Taiwan Semiconductor Manufacturing Co. (TSMC, ???), the world's largest contract chip maker, on Thursday reported a quarterly drop of more than 12 percent in its first-quarter profits, citing the slow season effects.
The decline was also due to appreciation of the Taiwan dollar, which rose more than 6 percent against the U.S. dollar in the first three months of the year, said TSMC, which fell short of its first-quarter sales target.
TSMC posted NT$87.63 billion (US$2.89 billion) in net profit for the period January to March, a quarterly drop of 12.5 percent.
Its consolidated sales dropped 10.8 percent from the previous quarter to NT$233.91 billion, falling short of its forecast NT$236 billion to NT$239 billion.
The company reported first-quarter earnings per share of NT$3.38, compared with NT$3.86 in the fourth quarter of last year.
However, TSMC's first-quarter net profit was a 35.3 percent year-on-year increase, while its EPS was also higher than the NT$2.50 posted in the same period of last year.
Source: Focus Taiwan News Channel