UMC Q2 net profit of $9 million 350 thousand fell 97.6%

July 28th the world's second largest foundry UMC (UMC) on Wednesday announced second quarter earnings. UMC said, due to a substantial decline in demand, profit fell 97.6% in the second quarter.

According to the electronic times website reported that as of June 30th in the second quarter, UMC net profit by NT $12 billion 700 million over the same period last year fell to 299 million yuan (NT $9 million 350 thousand). UMC this quarter revenue of NT $19 billion 440 million yuan, down 33.4%.

At an investor conference on Wednesday, the company expects third and fourth quarter results to improve.

UMC's biggest rival TSMC has been released on Tuesday reported a TSMC in second quarter net profit of 18 billion 370 million yuan in Taiwan, down 21.5%.

UMC shares fell 3.2% Wednesday, closing at 22.5 yuan nt.