May 8, 2013 / 6:00 AM / 5 years ago

UMC Q1 net beats forecasts; sees better Q2 wafer business

TAIPEI, May 8 (Reuters) - Taiwan’s UMC, the world’s No.3 contract chipmaker, reported on Wednesday a better-than-expected net profit in the first quarter, as chip demand for mobile devices continued to grow.

UMC reported a net profit of T$6.59 billion ($220 million) in the quarter, beating a median forecast of T$1.27 billion from 12 analysts, polled by Thomson Reuters I/B/E/S.

UMC posted a net profit of T$1.34 billion a year earlier and T$1.08 billion in the previous quarter.

It said in a statement it sees the wafer business improving significantly in the second quarter due to rising demand for communications products.

UMC said that demand has stabilized following a few months of inventory correction.

Before the announcement, shares of UMC closed up 4.3 percent, outperforming the broader market’s 1.3 percent rise. (Reporting by Clare Jim; Editing by Jeremy Laurence)

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