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Chip maker TSMC posts 18 percent jump in 1Q profit

TAIPEI, Taiwan (AP) -- Taiwan Semiconductor Manufacturing Co. reported an 18 percent jump in first quarter profit as increased global sales of smartphones and tablet computers boosted its chip shipments.

The world's largest contract chip manufacturer said Thursday that profit totaled NT$39.6 billion ($1.3 billion) on revenue of NT$132 billion during the January-March period.

It said more than half of its shipments were application processors and other chips for use in mobile devices, and growth in this area more than made up for stagnant chip sales in computers.

TSMC expects revenue to grow to NT$154 billion in the second quarter.

Chairman and CEO Morris Chang said revenue growth for the whole of 2013 could exceed 10 percent, up from 7 percent growth predicted earlier.