SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

Taiwan Semiconductor Manufacturing Company Ltd.

(Translation of Registrant’s Name Into English)

No. 8, Li-Hsin Rd. 6,
Hsinchu Science Park,
Taiwan
(Address of Principal Executive Offices)

     (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

     Form 20-F þ           Form 40-F o

     (Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

     Yes o           No þ

(If “Yes” is marked, indicated below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82:                     .)

 

 

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				Taiwan Semiconductor Manufacturing Company Ltd.
Date: October 26, 2006				By		/s/ Lora Ho
						Lora Ho
						Vice President & Chief Financial Officer

FOR IMMEDIATE RELEASE

				3Q06 Quarterly Management Report             October 26, 2006

CONTACT
Elizabeth Sun / Eric Chiang
Harrison Hsueh / Julie Wei
Investor Relations Division
TSMC

invest@tsmc.com
886-3-568-2085/ 2087/ 2088/ 2086

Topics in This Report

•		Revenue Analysis
•		Capacity
•		Profit & Expense Analysis
•		Financial Condition Review
•		Cash Flow & CapEx
•		Recap of Recent Important Events & Announcements

Operating Results Review:

Summary:

(Amounts are on consolidated basis and are in
NT$ billion except noted otherwise)		3Q06				2Q06				3Q05				QoQ				YoY
EPS (NT$  per com. shr.)			1.26				1.32				0.95				(4.4	%)			32.5	%
(US$  per ADR unit)			0.19				0.20				0.15
Consolidated Net Sales			82.48				82.12				70.50				0.4	%			17.0	%
Gross Profit			41.13				42.50				30.96				(3.2	%)			32.9	%
Gross Margin			49.9	%			51.8	%			43.9	%
Operating Expense			(7.50	)			(7.18	)			(6.78	)			4.5	%			10.6	%
Non-Operating Items			1.03				0.95				0.29				8.7	%			254.9	%
Consolidated Net Income			32.49				34.00				24.49				(4.4	%)			32.7	%
Net Profit Margin			39.4	%			41.4	%			34.7	%
Wafer Shipment (kpcs 8 inch-equiv.)			1,890				1,869				1,527				1.2	%			23.8	%

Remarks:

The third quarter consolidated EPS of NT$1.26 represents a 32.5% increase over the same period last year and a 4.4% sequential decline. The consolidated operating results of 3Q06 are summarized below:

Third quarter net sales increased by 17% year-over-year to reach NT$82.48 billion compared to NT$70.5 billion reported in 3Q05. On a sequential basis, net sales increased by 0.4% compared to NT$82.12 billion in the previous quarter. Third quarter net sales slightly surpassed our guidance due to better than expected demand in computer related applications.

Gross profit for 3Q06 was NT$41.13 billion, representing a year-over-year increase of 32.9% and a sequential decline of 3.2%. Gross margin was 49.9% in the third quarter, down from 51.8% in the previous quarter.

Operating expenses were NT$7.5 billion or 9.1% of the net sales. The combined result from non-operating income and long-term investments was a gain of NT$1.03 billion.

Consolidated net income attributable to shareholders of the parent company was NT$32.49 billion, up 32.7% over the same period last year and down 4.4% sequentially. Net profit margin was 39.4%.

TSMC October 26, 2006				Page 2

I. Consolidated Revenue Analysis

I. Wafer Sales Analysis

By Application		3Q06				2Q06				3Q05
Computer			28	%			30	%			30	%
Communication			45	%			44	%			41	%
Consumer			20	%			20	%			23	%
Industrial/Others			5	%			5	%			5	%
Memory			2	%			1	%			1	%

By Technology		3Q06				2Q06				3Q05
N90-			24	%			24	%			10	%
0.11/0.13um			25	%			25	%			33	%
0.15/0.18um			33	%			32	%			35	%
0.25/0.35um			13	%			14	%			16	%
0.50um+			5	%			5	%			6	%

By Customer Type		3Q06				2Q06				3Q05
Fabless/System			71	%			72	%			71	%
IDM			29	%			28	%			29	%

By Geography		3Q06				2Q06				3Q05
North America			78	%			77	%			75	%
Asia Pacific			10	%			10	%			11	%
Europe			8	%			9	%			9	%
Japan			4	%			4	%			5	%

Consolidated Revenue Analysis:

Consolidated net sales were NT$82.48 billion in the third quarter of 2006, up 0.4% from NT$82.12 billion in the previous quarter, mainly driven by increased demand in communication and consumer related applications.

On a sequential basis, revenues from consumer and communication applications both increased by 2%, while revenues from computer applications declined by 6%.

Revenues from advanced technologies (0.13-micron and below) and 90nm accounted for 49% and 24% of total wafer sales, respectively, flat from the previous quarter.

Revenues from IDM customers accounted for 29% of total wafer sales during the quarter, up slightly from 28% in the previous quarter.

Geographically, revenues from North America accounted for 78% of total wafer sales. Meanwhile, sales from Asia Pacific, Europe and Japan accounted for 10%, 8% and 4% of wafer sales, respectively.

TSMC October 26, 2006				Page 3

II. Capacity

II. Capacity

		1Q06				2Q06				3Q06				4Q06				2006
Fab / (Wafer size)		(A)				(A)				(A)				(Est.)				(Est.)
Fab-2 (6'')1			244				258				258				266				1,025
Fab-3 (8'')			246				252				265				258				1,021
Fab-5 (8'')			135				138				147				153				573
Fab-6 (8'')			215				222				233				248				918
Fab-7 (8'')			33				23				4				0				60
Fab-8 (8'')			231				233				234				248				946
Fab-12 (12'')2			142				150				157				166				616
Fab-14 (12'')2			61				66				86				105				318
WaferTech (8'')			99				100				101				104				404
TSMC (Shanghai) (8'')			48				52				73				90				262
TSMC total capacity (8'' equiv. Kpcs)			1,602				1,650				1,748				1,860				6,860
SSMC (8'')			49				50				51				52				202
Total managed capacity (8'' equiv. Kpcs)			1,651				1,700				1,799				1,912				7,062

Capacity:

Total TSMC managed capacity in 3Q06 was 1,799K 8-inch equivalent wafers, 5.8% higher than the 1,700K 8-inch equivalent wafers in 2Q06.

TSMC managed capacity in 4Q06 will increase by 6.3% sequentially to reach 1,912K 8-inch equivalent wafers.

Overall installed capacity for year 2006 is expected to be approximately 7,062K 8-inch equivalent wafers, unchanged from our previous forecast provided in July 2006.

III. Consolidated Profit & Expense Analysis

III - 1. Consolidated Gross Profit Analysis

(Amount: NT$ billion)		3Q06				2Q06				3Q05
COGS			41.3				39.6				39.5
Depreciation			16.8				16.5				17.2
Other MFG Cost			24.5				23.1				22.3
Gross Profit			41.1				42.5				31.0
Gross Margin			49.9	%			51.8	%			43.9	%

Consolidated Gross Profit Analysis:

Consolidated gross profit for the third quarter of 2006 was NT$41.1 billion, representing a year-over-year increase of 32.9% and a sequential decline of 3.2%. Consolidated gross margin declined by 1.9 percentage points sequentially to 49.9%, largely due to lower capacity utilization.

TSMC
October 26, 2006		Page 4

III - 2. Consolidated Operating Expenses

(Amount: NT$ billion)		3Q06				2Q06				3Q05
Total Operating Exp.			7.50				7.18				6.78
SG&A			3.27				3.13				3.31
Research & Development			4.23				4.05				3.47

Consolidated Operating Expenses:

Consolidated operating expenses for 3Q06 were NT$7.5 billion, slightly higher than the previous quarter. Higher R&D expenditures were mainly due to increased expenditures on 45nm and 65nm projects. The increase in SG&A expenditures was primarily the result of Fab 14 Phase II opening expenses. Total operating expenses represented 9.1% of net sales, compared to 8.8% for the previous quarter.

III - 3. Consolidated Non-Operating Items

(Amount: NT$ million)		3Q06				2Q06				3Q05
Non-Operating Income/(Exp.)			322				299				19
Net Interest Income/(Exp.)			923				924				280
Other Non-Operating			(601	)			(625	)			(261	)
L-T Investments			709				650				271
SSMC			403				471				210
Others			306				179				61
Total Non-Operating Items			1,031				949				290

Consolidated Non-Operating Items:

Combined result from non-operating income and long-term investments was a gain of NT$1 billion for 3Q06.

Consolidated non-operating income totaled NT$322 million during the third quarter of 2006, compared to an income of NT$299 million in the previous quarter.

Consolidated net investment income was NT$709 million in this quarter, compared to an income of NT$650 million in 2Q06. The increase was primarily due to improved operating performance at certain affiliated companies.

TSMC
October 26, 2006		Page 5

IV. Financial Condition Review

IV - 1. Liquidity Analysis *

(Amount: NT$ Billion)		3Q06				2Q06				3Q05
Cash & Marketable Securities			164.1				211.6				119.0
Accounts Receivable — Trade			37.7				38.0				39.1
Inventory			20.3				20.1				16.2
Total Current Assets			228.3				279.7				179.1
Accounts Payable			26.2				27.5				21.1
Accrued Liabilities and Others			19.4				82.8				25.5
Total Current Liabilities			45.6				110.3				46.6
Current Ratio (x)			5.0				2.5				3.8
Net Working Capital			182.7				169.4				132.6

Liquidity Analysis:

Consolidated cash & marketable securities decreased by NT$47.5 billion in this quarter, mainly due to an NT$61.7B payment of cash dividends and an NT$3.2B payment of annual employee profit sharing, offset in part by the free cash flow generated during the quarter. As a result, TSMC ended the quarter with total current assets of NT$228.3 billion, compared to NT$279.7 billion in the previous quarter.

Consolidated current liabilities were NT$45.6 billion at the end of the quarter, NT$64.7 billion lower than the previous quarter, mainly due to the payment of cash dividends and annual employee profit sharing accrued in the previous quarter.

As a result, net consolidated working capital increased to NT$182.7 billion and current ratio improved to 5.0x.

IV - 2. Consolidated Receivable/Inventory Days

		3Q06				2Q06				3Q05
Days of Receivable			43				44				47
Days of Inventory			48				47				38

Consolidated Receivable/Inventory Days Trend:

Consolidated days of receivable decreased to 43 days in 3Q06, compared to 44 days in the previous quarter.

Consolidated days of inventory increased to 48 days from 47 days in the second quarter of 2006.

IV - 3. Consolidated Debt Service *

(Amount: NT$ Billion)		3Q06				2Q06				3Q05
Cash & Marketable Securities			164.1				211.6				119.0
Interest-Bearing Debt			27.6				27.2				39.0
Net Cash Reserves			136.5				184.4				80.0

Consolidated Debt Service:

As a result of the payment of cash dividends and annual employee profit sharing, consolidated net cash reserves — defined as the excess of cash and short-term marketable securities over interest-bearing debt -decreased by NT$47.9 billion to NT$136.5 billion in 3Q06.

Consolidated interest-bearing debt increased slightly to NT$27.6 billion as of September 30, 2006.

TSMC
October 26, 2006		Page 6

V. Cash Flow & CapEx

V - 1. Consolidated Cash Flow Analysis *

(Amount: NT$ billion)		3Q06				2Q06				3Q05
Net Income			32.5				34.0				24.5
Depreciation & Amortization			18.4				17.9				19.1
Other Op Sources/(Uses)			1.8				(1.5	)			(3.7	)
Total Op Sources/(Uses)			52.7				50.4				39.9
Capital Expenditure			(28.3	)			(21.4	)			(10.5	)
Marketable Financial Instruments			(8.6	)			(7.8	)			(0.2	)
Other Investing Sources/(Uses)			(0.1	)			(1.1	)			(0.1	)
Net Investing Sources/(Uses)			(37.0	)			(30.3	)			(10.8	)
Cash Dividends			(61.7	)			0.0				(46.4	)
Employee Profit Sharing			(3.2	)			(0.3	)			(3.1	)
Other Financing Sources/(Uses)			0.2				0.4				1.5
Net Financing Sources/(Uses)			(64.7	)			0.1				(48.0	)
Net Cash Position Changes			(49.0	)			20.2				(18.9	)
Exchange Rate Changes & Others			0.5				(0.0	)			0.1
Ending Cash Balance			92.9				141.5				69.6

Summary of Consolidated Cash Flow:

During this quarter, TSMC generated NT$52.7 billion from operating activities, mainly from net income of NT$32.5 billion and depreciation & amortization of NT$18.4 billion.

Net cash used in investment activities totaled NT$37 billion, mainly as a result of an NT$28.3 billion in capital spending and an NT$8.6 billion net increase in marketable financial instruments.

Net cash used in financing activities was NT$64.7 billion during this quarter, as we paid NT$61.7 billion in cash dividends and NT$3.2 billion in annual employee profit sharing.

As a result, TSMC ended the quarter with a cash balance of NT$92.9 billion, NT$48.5 billion lower than in 2Q06.

V - 2. Consolidated Operating and Free Cash Flows

Consolidated Operating and Free Cash Flows:

TSMC continues to generate strong operating cash flows and free cash flows. Cash flows generated from operating activities were NT$52.7 billion, NT$2.3 billion higher than 2Q06. Consolidated free cash flows totaled NT$24.4 billion in 3Q06, NT$4.6 billion lower than the NT$29 billion generated in the previous quarter, mainly due to higher level of capital expenditures in 3Q06.

V - 3. Capital Spending

(Amount: US$ Million)		1Q06				2Q06				3Q06				YTD
TSMC			344				653				852				1,849
TSMC (Shanghai) & WaferTech			12				11				14				37
Total TSMC			356				664				866				1,886

Capital Spending:

Capital spending for TSMC consolidated group totaled US$866 million during the quarter. Most of the spending was for the purchase of 12-inch production equipment.

For year 2006, total capital expenditure for TSMC consolidated group is expected to be about US$2.6 billion.

TSMC
October 26, 2006		Page 7

VI. Recap of Recent Important Events & Announcements

*		Please visit TSMC’s Web site (http://www.tsmc.com) for details about these and other announcements.

		TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES Condensed Balance Sheets (Consolidated) (Figures in Million of New Taiwan Dollars (“NTD”) and U.S. Dollars (“USD”)) (1)

		September 30, 2006 (Unaudited)												June 30, 2006 (Audited)								September 30, 2005 (Unaudited) (2)								QoQ								YoY
		USD				NTD				%				NTD				%				NTD				%				Amount				%				Amount				%
ASSETS
Current Assets
Cash and Cash Equivalents		$	2,807			$	92,903				16.5			$	141,452				23.8			$	69,582				14.0			$	(48,549	)			(34.3	)		$	23,321				33.5
Investments in Marketable Financial Instruments			2,151				71,192				12.6				70,139				11.8				49,410				10.0				1,053				1.5				21,782				44.1
Accounts Receivable — Trade			1,140				37,726				6.7				37,969				6.4				39,140				7.9				(243	)			(0.6	)			(1,414	)			(3.6	)
Inventories, Net			614				20,338				3.6				20,051				3.4				16,239				3.3				287				1.4				4,099				25.2
Other Current Assets			186				6,149				1.1				10,079				1.7				4,776				0.9				(3,930	)			(39.0	)			1,373				28.8
Total Current Assets			6,898				228,308				40.5				279,690				47.1				179,147				36.1				(51,382	)			(18.4	)			49,161				27.4
Long-Term Investments			1,543				51,060				9.1				42,778				7.2				40,285				8.1				8,282				19.4				10,775				26.7
Property, Plant and Equipment			21,336				706,191				125.4				681,123				114.7				635,513				128.1				25,068				3.7				70,678				11.1
Less: Accumulated Depreciation			(13,460	)			(445,525	)			(79.1	)			(429,993	)			(72.4	)			(384,200	)			(77.4	)			(15,532	)			3.6				(61,325	)			16.0
Property, Plant and Equipment, Net			7,876				260,666				46.3				251,130				42.3				251,313				50.7				9,536				3.8				9,353				3.7
Other Assets			704				23,314				4.1				20,145				3.4				25,371				5.1				3,169				15.7				(2,057	)			(8.1	)
Total Assets		$	17,021			$	563,348				100.0			$	593,743				100.0			$	496,116				100.0			$	(30,395	)			(5.1	)		$	67,232				13.6
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Short-Term Bank Loans		$	—			$	—				—			$	—				—			$	1,124				0.2			$	—				—			$	(1,124	)			(100.0	)
Accounts Payables			322				10,669				1.9				10,282				1.7				9,851				2.0				387				3.8				818				9.1
Payables to Contractors and Equipment Suppliers			469				15,507				2.8				17,214				2.9				11,247				2.3				(1,707	)			(9.9	)			4,260				37.9
Accrued Expenses and Other Current Liabilities			510				16,885				3.0				80,300				13.6				13,848				2.8				(63,415	)			(79.0	)			3,037				21.4
Current Portion of Bonds Payable			76				2,505				0.4				2,505				0.4				10,505				2.1				0				(0.0	)			(8,000	)			(76.2	)
Total Current Liabilities			1,377				45,566				8.1				110,301				18.6				46,575				9.4				(64,735	)			(58.7	)			(1,009	)			(2.2	)
Bonds Payable			514				17,000				3.0				17,000				2.9				19,500				3.9				—				—				(2,500	)			(12.8	)
Other Long-Term Liabilities			571				18,919				3.4				18,943				3.1				18,144				3.7				(24	)			(0.1	)			775				4.3
Total Liabilities			2,462				81,485				14.5				146,244				24.6				84,219				17.0				(64,759	)			(44.3	)			(2,734	)			(3.2	)
Shareholders’ Equity Attributable to Shareholders of the Parent
Capital Stock			7,803				258,258				45.8				258,234				43.5				247,273				49.8				24				0.0				10,985				4.4
Capital Surplus			1,627				53,858				9.6				53,822				9.1				56,777				11.4				36				0.1				(2,919	)			(5.1	)
Retained Earnings			5,112				169,213				30.0				136,723				23.0				108,871				21.9				32,490				23.8				60,342				55.4
Treasury Stock			(28	)			(918	)			(0.2	)			(918	)			(0.2	)			(1,550	)			(0.3	)			—				—				632				(40.8	)
Others			23				725				0.1				(1,029	)			(0.1	)			(260	)			(0.1	)			1,754				(170.5	)			985				(378.8	)
Total Equity Attributable to Shareholders of the Parent			14,537				481,136				85.4				446,832				75.3				411,111				82.9				34,304				7.7				70,025				17.0
Minority Interest			22				727				0.1				667				0.1				786				0.2				60				9.1				(59	)			(7.4	)
Total Shareholders’ Equity			14,559				481,863				85.5				447,499				75.4				411,897				83.0				34,364				7.7				69,966				17.0
Total Liabilities & Shareholders’ Equity		$	17,021			$	563,348				100.0			$	593,743				100.0			$	496,116				100.0			$	(30,395	)			(5.1	)		$	67,232				13.6

Note:		(1) Amounts in NTD have been translated into USD at the rate of NT$33.098 as of September 30, 2006. (2) Certain prior period balances have been reclassified to conform to the current period presentation.

		TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES Unaudited Condensed Income Statements (Consolidated) For the Three Months Ended September 30, 2006, June 30, 2006, and September 30, 2005 (Expressed in Million New Taiwan Dollars (“NTD”) and U.S. Dollars (“USD”) (1) Except for Per Share Amounts and Shares Outstanding)

		Q3 2006												Q2 2006								Q3 2005								QoQ								YoY
		USD				NTD				%				NTD				%				NTD				%				Amount				%				Amount				%
Net Sales		$	2,518			$	82,476				100.0			$	82,118				100.0			$	70,501				100.0			$	358				0.4			$	11,975				17.0
Cost of Sales			(1,262	)			(41,344	)			-50.1				(39,620	)			-48.2				(39,544	)			-56.1				(1,724	)			4.4				(1,800	)			4.5
Gross Profit			1,256				41,132				49.9				42,498				51.8				30,957				43.9				(1,366	)			-3.2				10,175				32.9
Operating Expenses
Research and Development Expenses			(129	)			(4,231	)			-5.1				(4,053	)			-4.9				(3,473	)			-4.9				(178	)			4.4				(758	)			21.8
General and Administrative Expenses			(74	)			(2,424	)			-2.9				(2,226	)			-2.7				(2,410	)			-3.4				(198	)			8.9				(14	)			0.6
Sales and Marketing Expenses			(26	)			(845	)			-1.0				(896	)			-1.2				(897	)			-1.3				51				-5.9				52				-5.9
Total Operating Expenses			(229	)			(7,500	)			-9.1				(7,175	)			-8.8				(6,780	)			-9.6				(325	)			4.5				(720	)			10.6
Income from Operations			1,027				33,632				40.8				35,323				43.0				24,177				34.3				(1,691	)			-4.8				9,455				39.1
Non-Operating Income, Net			10				322				0.4				299				0.4				19				0.0				23				7.6				303				1,544.2
Investment Gains			22				709				0.9				650				0.8				271				0.4				59				9.2				438				161.7
Income before Income Tax			1,058				34,663				42.0				36,272				44.2				24,467				34.7				(1,609	)			-4.4				10,196				41.7
Income Tax (Expenses) Benefits			(65	)			(2,144	)			-2.6				(2,281	)			-2.8				57				0.1				137				-6.0				(2,201	)			-3,839.2
Net Income			993				32,519				39.4				33,991				41.4				24,524				34.8				(1,472	)			-4.3				7,995				32.6
Attributable to:
Shareholders of the parent			992				32,489				39.4				34,002				41.4				24,488				34.7				(1,513	)			-4.4				8,001				32.7
Minority Interest			1				30				0.0				(11	)			0.0				36				0.1				41				-379.6				(6	)			-18.9
		$	993			$	32,519				39.4			$	33,991				41.4			$	24,524				34.8			$	(1,472	)			-4.3			$	7,995				32.6
Earnings per Share — Diluted		$	0.04			$	1.26							$	1.32							$	0.95						-	$	0.06				-4.4			$	0.31				32.5
Earnings per ADR (2)		$	0.19			$	6.29							$	6.59							$	4.75						-	$	0.29				-4.4			$	1.54				32.5
Weighted Average Outstanding Shares — Diluted (‘M) (3)							25,809								25,809								25,776

Note:

(1)		Amounts in NTD have been translated into USD at the weighted average rate of NTD32.751 for the third quarter of 2006.
(2)		1 ADR equals 5 ordinary shares.
(3)		Total diluted weighted average outstanding shares were 25,776M shares for 3Q05 after the retroactive adjustments for stock dividends and stock bonus.

		TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES Unaudited Condensed Income Statements (Consolidated) For the Nine Months End September 30, 2006 and 2005 (Expressed in Million New Taiwan Dollars (“NTD”) and U.S. Dollars (“USD”) (1) Except for Per Share Amounts and Shares Outstanding)

		Nine Months Ended September 30
		2006												2005								YoY
		USD				NTD				%				NTD				%				Amount				%
Net Sales		$	7,478			$	242,444				100.0			$	187,337				100.0			$	55,107				29.4
Cost of Sales			(3,735	)			(121,087	)			-49.9				(110,448	)			-59.0				(10,639	)			9.6
Gross Profit			3,743				121,357				50.1				76,889				41.0				44,468				57.8
Operating Expenses
Research and Development Expenses			(372	)			(12,071	)			-5.0				(10,446	)			-5.6				(1,625	)			15.6
General and Administrative Expenses			(200	)			(6,471	)			-2.7				(7,176	)			-3.8				705				-9.8
Sales and Marketing Expenses			(91	)			(2,958	)			-1.2				(2,708	)			-1.4				(250	)			9.2
Total Operating Expenses			(663	)			(21,500	)			-8.9				(20,330	)			-10.9				(1,170	)			5.8
Income from Operations			3,080				99,857				41.2				56,559				30.2				43,298				76.6
Non-Operating Income, Net			63				2,038				0.8				1,222				0.6				816				66.7
Investment Gains			60				1,959				0.8				894				0.5				1,065				119.1
Income before Income Tax			3,203				103,854				42.8				58,675				31.3				45,179				77.0
Income Tax (Expenses) Benefits			(194	)			(6,280	)			-2.6				1,061				0.6				(7,341	)			-691.8
Net Income before Cumulative Effect of Changes in Accounting Principles			3,010				97,574				40.2				59,736				31.9				37,838				63.3
Cumulative Effect of Changes in Accounting Principles (Net of Tax)			50				1,607				0.7				—				—				1,607				—
Net Income			3,059				99,181				40.9				59,736				31.9				39,445				66.0
Attributable to:
Shareholders of the Parent			3,057				99,098				40.9				59,675				31.9				39,423				66.1
Minority Interest			3				83				0.0				61				0.0				22				36.3
		$	3,059			$	99,181				40.9			$	59,736				31.9			$	39,445				66.0
Earnings per Share — Diluted		$	0.12			$	3.84							$	2.32							$	1.52				65.8
Earnings per ADR (2)		$	0.59			$	19.20							$	11.58							$	7.62				65.8
Weighted Average Outstanding Shares — Diluted (‘M) (3)							25,810								25,773