Taiwan’s TSMC, world’s biggest contract chip maker, says Q1 profit dived 94.5 percent
By APThursday, April 30, 2009
Taiwan chip maker TSMC says 1Q profit down 95 pct
TAIPEI, Taiwan — Taiwan Semiconductor Manufacturing Co., the world’s largest contract chip maker, said Thursday its profit plunged by 94.5 percent in the first quarter, as the global recession hit demand for its products. The company said net income dropped to 1.56 billion New Taiwan dollars ($47.1 million) during the January-March quarter from NT$28.14 billion a year earlier.
Consolidated revenue fell 54.8 percent to NT$39.50 billion from NT$87.48 billion over the same quarter in 2008, it said.
The company blamed the economic recession for its precipitous profit decline.
“As a result of deepening economic recession worldwide and customers’ inventory adjustment, first quarter saw a sharp decline in the demand for semiconductors across all applications,” it said in a statement.
