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'Things can only get better', claims optimistic chairman...
By Aled Herbert
Published: 27 July 2001 08:15 BST
Net profits at Taiwan Semiconductor Manufacturing (TSMC) crashed 96 per cent for its second quarter, although the company's chairman has assured investors the worst is now over.
TSMC, the world's largest foundry producer of custom-made semiconductors, reported operating profits fell to T$284m (£5.7m) in Q2 2001 - down 96 per cent on the previous quarter and Q2 in 2000.
TSMC chairman Morris Chang said the company hit "rock bottom" in May and June this year, but predicted sales will begin to improve throughout the rest of the year.
Chip companies, including industry stalwarts AMD and IBM, have been severely hit by the economic downturn.
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