January 24, 2014 / 8:51 AM / in 4 years

UMC Q4 net profit lags forecasts, sees Q1 shipments up marginally

TAIPEI, Jan 24 (Reuters) - Taiwan’s United Microelectronics Corp, the world No.3 contract chipmaker, reported a worse-than-expected fourth-quarter net profit on Friday as electronics companies reined in new orders to clear their inventories.

UMC reported a net profit of T$749 million ($24.79 million) in the quarter, lagging a median forecast of T$848.7 million from 16 analysts polled by Thomson Reuters I/B/E/S.

The figures compared to a net profit of T$1.08 billion a year earlier and T$3.48 billion in the previous quarter.

“For the first quarter, we anticipate softer business due to normal early-year seasonality,” UMC chief executive Po-Wen Yen said in a statement.

($1 = 30.2125 Taiwan dollars)

Reporting by Clare Jim; Editing by

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