Second quarter operating revenues increased by 13.6% sequentially to NT$72.06 billion which was lifted to higher wafer shipments, increase in wafer pricing as well as favorable foreign exchange rate. Revenue contribution from 40nm and below technologies represented 40% of wafer revenue. Gross profit grew 21.7% QoQ to NT$33.47 billion, or 46.5% of revenue. Operating expenses grew 3.0% to NT$6.71 billion. Net other operating income remained relatively flat at NT$1.40 billion. Net non-operating loss amounted to NT$2.59 billion primarily from non-cash based items recognized as marked-to-market assets. Net income attributable to shareholders of the parent amounted to NT$21.33 billion.

Earnings per ordinary share for the quarter was NT$1.74. Earnings per ADS was US$0.293. The basic weighted average number of outstanding shares in 2Q22 was 12,283,479,334, compared with 12,283,479,334 shares in 1Q22 and 12,206,292,756 shares in 2Q21. The diluted weighted average number of outstanding shares was 12,553,373,552 in 2Q22, compared with 12,534,728,721 shares in 1Q22 and 12,382,592,798 shares in 2Q21. The fully diluted shares counted on June 30, 2022 were approximately 12,553,374,000.

Detailed Financials Section

Operating revenues increased to NT$72.06 billion. COGS increased to NT$38.58 billion, which included 1.9% sequential decrease in depreciation, mainly reflecting higher wafer shipments. Gross profit grew 21.7% QoQ to NT$33.47 billion. Operating expenses slightly increased 3.0% QoQ to NT$6.71 billion, as G&A grew 15.8% to NT$2.58 billion while R&D was up 5.8% QoQ to NT$3.21 billion, representing 4.5% of revenue. Net other operating income was NT$1.40 billion. In 2Q22, operating income grew 26.1% QoQ to NT$28.16 billion.

COGS & Expenses
(Amount: NT$ million)		2Q22			1Q22			QoQ % change			2Q21			YoY % change
Operating Revenues		72,055			63,423			13.6			50,908			41.5
COGS		(38,583	)		(35,919	)		7.4			(35,000	)		10.2
Depreciation		(9,616	)		(9,807	)		(1.9	)		(10,187	)		(5.6	)
Other Mfg. Costs		(28,967	)		(26,112	)		10.9			(24,813	)		16.7
Gross Profit		33,472			27,504			21.7			15,908			110.4
Gross Margin (%)		46.5	%		43.4	%					31.3	%
Operating Expenses		(6,706	)		(6,513	)		3.0			(6,201	)		8.2
G&A		(2,579	)		(2,226	)		15.8			(1,901	)		35.7
Sales & Marketing		(915	)		(1,255	)		(27.1	)		(1,131	)		(19.1	)
R&D		(3,209	)		(3,033	)		5.8			(3,168	)		1.3
Expected Credit Impairment Gain (Loss)		(3	)		1			-			(1	)		90.3
Net Other Operating Income & Expenses		1,398			1,343			4.1			1,606			(12.9	)
Operating Income		28,164			22,334			26.1			11,313			149.0

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