Taiwan TSMC reports profit decline in 2Q

TAIPEI, Taiwan (AP) ? Taiwan Semiconductor Manufacturing Co., the world’s largest chip contract maker, says its net profit fell 11 percent year-on-year in the second quarter amid weak demand for computers.

TSMC’s April-June net income totaled 36 billion New Taiwan dollars ($1.23 billion) on revenue of NT$110 billion.

It was the third consecutive decline in quarterly profit since TSMC’s net income reached NT$47 billion in third quarter of 2010, a 53 percent year-on-year jump.

A company statement on Thursday said clients such as Qualcomm Inc. have cut their sales forecasts as the global economic recovery appeared weaker than expected.