Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) Thursday reported a 0.1% decline in profit for the third quarter, reflecting a 3.3% reduction in sales. The company also issued fourth-quarter revenue forecast.
For the latest quarter, net income attributable to shareholders of TSMC dropped to NT$30.55 billion from NT$30.57 billion reported in the year-ago quarter. Meanwhile, on a per share basis, net income attributable to share holders increased 0.3% to NT$1.18 from NT$1.17 in the prior year. Earnings per ADR for the quarter was NT$5.88, up from NT$5.86 in the previous year.
Sequentially, net income attributable to share holders of the parent rose from NT$24.45 billion or NT$0.94 per share. Earnings per ADR on a sequential basis grew from NT$4.71.
Pre-tax income for the three-month period was NT$32.96 billion, lower than a year earlier's NT$34.43 billion.
Net sales for the most recent quarter plunged year-over-year to NT$89.94 billion from NT$92.98 billion.
On a US Dollar basis, the company posted third-quarter net income attributable to shareholders of US$937 million or US$0.04 per share. Earnings per ADR for the latest quarter was US$0.18. Besides, the company recorded net sales of US$2.74 billion for the quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share on revenues of $2.76 billion for the quarter.
Gross profit for the third quarter of fiscal 2009 dropped to NT$42.86 billion from NT$43.09 billion in the comparable quarter last year. Total operating expenses for the quarter increased to NT$10.87 billion from NT$10.18 billion on year. As a result, income from operations fell to NT$31.98 billion from NT$32.92 billion in the preceding year.
For the first nine months of fiscal 2009, net income attributable to share holders of TSMC plummeted to NT$56.55 billion from NT$87.49 billion reported a year ago. On a per share basis, earnings decreased to US$0.07 or NT$2.18 from NT$3.33 in the prior year. Earnings per ADR for the period was US$0.33 or NT$10.88, compared to last year's NT$16.64.
Nine-month sales decreased year-over-year to NT$203.65 billion from NT$268.6 billion. On a US dollar basis, the company posted sales of US$6.15 billion for the most recent period.
Looking forward, TSMC expects revenue to range between NT$90 billion and NT$92 billion.
Lora Ho, vice president and chief financial officer of TSMC, said, "For the fourth quarter, we expect the demand from computer related applications to grow strongly while communication related applications will take a pause after two consecutive quarters' strong momentum, and consumer applications will decline following their seasonal pattern."
"Due to stronger demand for 40-nanometer and 65-nanometer technologies, TSMC 2009 capital expenditure is further raised and is expected to be around US$2.7 billion", Lora added.
TSM closed Wednesday's trade at $9.62, down $0.25, on a volume of 26.2 million shares.
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