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TSMC Q3 income up 297% quarter-on-quarter

But down 93.8% year-on-year

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TSMC, the world's largest chip foundry, saw its income fall a massive 93.8 per cent year-on-year during the last three months, according to the company's Q3 2001 results, published today.

Net sales for the quarter totalled NT$26.940 billion ($779.552 million), down 43.3 per cent on the same period last year. Net income came in at $1.237 billion (NT$0.06 per share).

But despite recording significant income and revenue shortfalls compared to Q3 2000, TSMC can at least take heart that Q3 2001's figures show a distinct improvement on Q2. Sales were up just 2.4 per cent quarter-on-quarter, but income was up 296.7 per cent.

That said, the increase was still way off TSMC's guidance. Last month the company predicted Q3 income would be "at least five times" as high as Q2's figure.

The company can at least claim that level of growth by stating its operating income, which increased 582.9 per cent sequentially to NT$1.942 billion - much higher than the "five times" forecast.

TSMC appears to be past the worst effects of the world semiconductor market's downturn, primarily because of cost-cutting and increased production efficiency than any real rise in demand (this is why sales growth was so much lower than income growth).

However, the company still has a long way to go to return to the kind of money it was making last year. ®

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