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TAIWAN SEMICONDUCTOR REPORTS 17PCT RISE IN NET INCOME.

AsiaPulse News

| May 03, 2004 | COPYRIGHT 2004 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(The full text of this statement can be found at www.asianetnews.net.)

HSIN-CHU, April 30 Xinhua-PRNewswire-AsiaNet - The Taiwan Semiconductor Manufacturing Company, Ltd. said today that it expects 2004 will set new records for revenue and net income.

Revenues from the first quarter ended March 31, 2004 reached NT$57.51 billion while net income and fully diluted earnings per share came to NT$18.79 billion and NT$0.93 per share (US$0.14 per ADS unit), respectively.

On a sequential basis, first quarter results, which were published on Tuesday, represented a 0.5% decrease in revenue, a 17.4% increase in net income and fully diluted EPS. All figures were prepared in accordance with R.O.C. GAAP on an unconsolidated basis.

Despite a 4.0% increase in wafer shipments, a 3.2% decline in wafer average selling price (ASP) combined with a 1.5% weaker U.S. dollar exchange rate brought first quarter revenue to a level similar to 4Q03.

Gross Margin for the quarter improved slightly to 39.5% from 39.3% in the previous quarter due to higher utilization levels. Net Margin for the quarter improved substantially to 32.7% compared to 27.7% previously.

Lora Ho, TSMC vice president and chief financial officer, said: "TSMC's first quarter marks the beginning of a year where we believe TSMC will once again deliver record-breaking financial performance in terms of both top-line and bottom-line results."

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Source: HighBeam Research, TAIWAN SEMICONDUCTOR REPORTS 17PCT RISE IN NET INCOME.

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