TSMC net income jumps over 500 percent

Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) saw net income jump 526.9 percent in the fourth quarter of 2003, compared to the same quarter in 2002. However, the NT$16 billion (US$469.5 million, as of Dec. 31 the last day of the quarter) reported was only up 5.5 percent compared with the previous quarter, the company said Thursday.

Net sales rose 40.4 percent year on year, to NT$57.8 billion, and earnings per share grew 553.9 percent to NT$0.79.

TSMC said earlier this year that record sales in 2003, and particularly in the fourth quarter, had boosted its profits after a two-year downturn.

Fourth-quarter wafer shipments reached a record high of 1.1 million eight-inch-equivalent wafers, up 13.5 percent on the third quarter, the company said Thursday. This lead to an average fab utilization rate of 101 percent, up from 98 percent in the previous quarter, TSMC said. A lower average selling price and the exchange rate with the U.S. dollar also affected revenue, the company said.

For the whole year, TSMC saw an increase of 118.7 percent in net income, to NT$47.3 billion, while net sales rose 25 percent to NT$201.9 billion. Total wafer shipments for the year were 3.7 million, up 38.2 percent on 2002, TSMC said.