TSMC, the world's largest chip foundry, saw its income rocket during its first quarter despite flat sequential sales.

The company reported net income totalling NT$18.79bn ($568.38m), up 17.6 per cent on the previous quarter and 349.5 per cent up on Q1 2003's NT$4.18bn ($126.44m).

However, Q1's sales, which reached NT$57.51bn ($1.74bn), were down fractionally on the previous quarter's NT$57.78bn ($1.75bn) but up 46.2 per cent on Q1 2003's figure, NT$39.33bn ($1.19bn).

TSMC didn't comment on the results, but it's hard not to see the expanding income coming in on the back of higher prices, in turn the result of high demand and low supply. Indeed, traditionally Q1 sales fall well below the previous quarter's figure, so TSMC did well to maintain revenues at Q4's level. ®

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