Consolidated revenues in 2Q16 increased 7.5% sequentially to NT$37.00 billion, including NT$36.87 billion from the foundry segment, with 17% of contribution from 28nm technologies. Gross profit reached NT$8.29 billion, or 22.4% of revenue, up 64.6% compared to 1Q16. Operating expenses increased 15.7% sequentially to NT$5.86 billion, and net other operating income was NT$23 million, leading to an operating income of NT$2.45 billion. Net non-operating expenses was NT$650 million. Net income attributable to stockholders of the parent in 2Q16 was NT$2.58 billion.

Earnings per ordinary share for the quarter was NT$0.21. Earnings per ADS was US$0.033. The basic weighted average number of outstanding shares in 2Q16 was 12,334,888,329, compared with 12,408,239,978 shares in 1Q16 and 12,572,497,200 shares in 2Q15. The diluted weighted average number of outstanding shares was 13,460,073,526 in 2Q16, compared with 12,492,270,589 shares in 1Q16 and 13,222,544,584 shares in 2Q15. The fully diluted share count on June 30, 2016 was approximately 13,749,505,000. On June 30, 2016, UMC held 400 million treasury shares acquired from the 16th and 17th share buy-back programs.

Detailed Financials Section

Consolidated revenues increased 7.5% sequentially to NT$37.00 billion, driven by stronger demand for 28nm and 40nm shipments. Depreciation increased 8.1% in 2Q16 mainly from 28nm capacity deployment. Other manufacturing costs decreased 7.9% to NT$17.45 billion QoQ, since in 1Q16 there were higher manufacturing costs associated with the February 6 earthquake, leading to a total of NT$28.71 billion in cost of goods sold. Gross profit increased to NT$8.29 billion, up 64.6% sequentially. Operating expenses increased 15.7%, mainly from NT$1.54 billion in G&A expense that includes 12X setup costs. Sales & marketing expenses increased 8.1% to NT$1.09 billion. R&D expenses represented 8.7% of operating revenues. Operating income in 2Q16 reached NT$2.45 billion.

COGS & Expenses
(Amount: NT$ million)		2Q16		1Q16		QoQ % change		2Q15		YoY % change
Net Operating Revenues		36,997		34,404		7.5		38,012		(2.7)
COGS		(28,712)		(29,370)		(2.2)		(29,289)		(2.0)
Depreciation		(11,264)		(10,424)		8.1		(9,404)		19.8
Other Mfg. Costs		(17,448)		(18,946)		(7.9)		(19,885)		(12.3)
Gross Profit		8,285		5,034		64.6		8,723		(5.0)
Gross Margin (%)		22.4%		14.6%				22.9%
Operating Expenses		(5,859)		(5,065)		15.7		(4,864)		20.5
G&A		(1,541)		(970)		58.9		(919)		67.7
Sales & Marketing		(1,092)		(1,010)		8.1		(930)		17.4
R&D		(3,226)		(3,085)		4.6		(3,015)		7.0
Net Other Operating Income & Expenses		23		15		53.3		17		35.3
Operating Income (Loss)		2,449		(16)		-		3,876		(36.8)

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