United Microelectronics Corp. : UMC 1Q Net Profit Falls 70% But Company Sees Recovery In 2Q
04/25/2012| 02:30am US/Eastern
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United Microelectronics Corp. (UMC) said Wednesday first-quarter net profit fell 70% from a year earlier as the weak global economy dampened demand for electronics products.
UMC, the world's second-largest contract chip manufacturer by revenue after Taiwan Semiconductor Manufacturing Co., said net profit for the three months ended March 31 was NT$1.34 billion, down from NT$4.48 billion.
Net profit was above the average NT$566.5 million forecast of seven analysts polled by Dow Jones Newswires.
UMC's first-quarter revenue fell 15% to NT$23.77 billion from NT$28.12 billion.
The company expects second-quarter wafer shipments to grow 15% on quarter since the worldwide chip inventory correction ended in the first quarter, UMC said in a statement.
-By Lorraine Luk, Dow Jones Newswires; 8862-25022557; lorraine.luk@dowjones.com
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