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UMC Q1 Profit Plunges On Weak Revenues

Taiwanese Semiconductor foundry United Microelectronics Corp. (UMC) reported Wednesday that its first-quarter net income attributable to stockholders of the parent was NT$1.20 billion or $39 million, down NT$3.40 billion last year.

Earnings per ordinary share were NT$0.10, lower than last year's NT$0.28. Earnings per ADS declined to $0.016 from $0.045 a year ago.

Operating revenues dropped 13.1 percent to NT$32.58 billion or $1.06 billion from last year's NT$37.50 billion.

Consolidated gross margin for the quarter was 6.9%.

Further, the company said its Board of Directors proposed to distribute a cash dividend of approximately NT$0.58 per share, subject to shareholder approval during the annual shareholder meeting.

Looking ahead for the second quarter, the company expects gross profit margin to be in the low teens percentage range.

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