Net operating revenues in 3Q16 increased 3.2% to NT$38.16 billion, including NT$38.05 billion from the foundry segment, as 28nm contribution grew to 21% sales. Gross profit was NT$8.30 billion, or 21.8% of revenue. Operating expenses increased 8.8% sequentially to NT$6.37 billion. Net other operating expenses was NT$443 million, leading to an operating income of NT$1.49 billion. Net non-operating income was NT$466 million. Net income attributable to stockholders of the parent in 3Q16 grew 15.2% to NT$2.98 billion.

Earnings per ordinary share for the quarter was NT$0.24. Earnings per ADS was US$0.038. The basic weighted average number of outstanding shares in 3Q16 was 12,208,239,978, compared with 12,334,888,329 shares in 2Q16 and 12,524,504,594 shares in 3Q15. The diluted weighted average number of outstanding shares was 13,402,233,597 in 3Q16, compared with 13,460,073,526 shares in 2Q16 and 13,694,010,855 shares in 3Q15. The fully diluted share count on September 30, 2016 was approximately 13,818,312,000. On September 30, 2016, UMC held 400 million treasury shares acquired from the 16th and 17th share buy-back programs.

Detailed Financials Section

Consolidated revenues increased to NT$38.16 billion. COGS rose 4% to NT$29.86 billion, as depreciation remained flat at NT$11.27 billion, while other manufacturing costs increased 6.5% to NT$18.59 billion, mainly from higher wafer shipments. Gross profit was NT$8.30 billion. Operating expenses grew 8.8% to NT$6.37 billion. G&A and Sales & Marketing grew to NT$1.77 billion and NT$1.21 billion, respectively, which included expenses related to the initial production at Fab 12X. R&D expenses increased 5.3% to NT$3.40 billion or 8.9% of operating revenues. Higher operating expense and a NT$455 million impairment loss from a solar subsidiary company, Nexpower, resulted in an operating income of NT$1.49 billion in 3Q16.

COGS & Expenses
(Amount: NT$ million)		3Q16			2Q16			QoQ % change			3Q15			YoY % change
Net Operating Revenues		38,164			36,997			3.2			35,320			8.1
COGS		(29,863	)		(28,712	)		4.0			(28,409	)		5.1
Depreciation		(11,274	)		(11,264	)		0.1			(9,654	)		16.8
Other Mfg. Costs		(18,589	)		(17,448	)		6.5			(18,755	)		(0.9	)
Gross Profit		8,301			8,285			0.2			6,911			20.1
Gross Margin (%)		21.8	%		22.4	%					19.6	%
Operating Expenses		(6,373	)		(5,859	)		8.8			(5,126	)		24.3
G&A		(1,769	)		(1,541	)		14.8			(942	)		87.8
Sales & Marketing		(1,207	)		(1,092	)		10.5			(1,045	)		15.5
R&D		(3,397	)		(3,226	)		5.3			(3,139	)		8.2
Net Other Operating Income & Expenses		(443	)		23			-			(804	)		(44.9	)
Operating Income		1,485			2,449			(39.4	)		981			51.4

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