Net income rose 59 percent to NT$3.26 billion (US$98 million), from NT$2.04 billion a year earlier, Taoyuan, Taiwan-based Nanya said in a statement yesterday. Profit missed the NT$4.26 billion median estimate of seven analysts surveyed by Bloomberg. Earnings also fell short of the company’s own forecast last month.

Nanya joins bigger rivals Samsung Electronics Co. and Micron Technology Inc. in reporting lower-than-expected results because of falling computer-memory prices, which have tumbled 58 percent this year on the spot market. Today, Nanya projected oversupply will ease and prices of some chips will bottom this quarter.

“Missing estimates is, of course, not good,” said David Dong, who helps manage $18 million at President Investment Trust Corp. in Taipei. “The key is how they will perform in the second and third quarters.”

Revenue, reported earlier, rose 15 percent to NT$17.1 billion, from NT$14.9 billion a year earlier.

Last week, Suwon, South Korea-based Samsung Electronics reported first-quarter profit from chips fell 52 percent to 540 billion won (US$582 million), missing the 869 billion won median estimate of analysts surveyed by Bloomberg.

Nanya shares closed unchanged at NT28.45, while Inotera’s stock fell 0.9 percent to NT$37.25. Both companies reported results after the end of trading in Taipei.

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