Stock Earnings: UTAC 1st quarter net profit grew more than fivefold!

United Test and Assembly Center Ltd (UTAC) may rise after its first-quarter net profit grew more than fivefold from last year to 20.7 mln usd due to strong semiconductor demand. "Overall, this is a positive start to our goal of growing our business organically by 40 pct for the current financial year," UTAC CEO Lee Joon Chuang said. "We are only in the first month of the (second) quarter; we have two more months to go. (It) depends on how the (business) mix comes in in the second quarter. I would say that between 15-20 pct (in net profit margin) is some comfortable range that UTAC will be looking at," Lee said. UTAC closed 0.07 sgd higher at 1.07 yesterday ahead of the results announcement.