United Microelectronics Q3 Profit Surges

(RTTNews) - United Microelectronics Corp. (UMC), a provider of semiconductor wafer foundry solutions, Wednesday posted a higher third-quarter net income, with increase in revenues and substantial reduction in other operating expenses.

Net income attributable to the stockholders of the parent was NT$3.48 billion or $117 million compared with NT$418 million or $50 million last year. Basic earnings per more than doubled to NT$0.28 from NT$0.12 a year ago.

Net operating revenues for the period was NT$33.41 billion, compared with NT$30.1 billion last year.

Looking forward, the Chief Executive said: "For the fourth quarter, we have seen a decline in wafer demand. Primary factors that led to a weakened outlook stemmed from seasonal correction, supply chain inventory control and the uncertainties culminating in the macro economy."