DRAM chipmaker Inotera Memories has reported net profits of NT$7.27 billion (US$238 million) for the first quarter of 2015 - the lowest since the second quarter of 2013.

Inotera's net profits for first-quarter 2015 represent decreases of 63% on quarter and 35% on year. Net EPS for the quarter came to NT$1.11.

Inotera generated consolidated revenues of NT$18.45 billion in the first quarter, down 11% sequentially. Gross margin slid 5pp on quarter to 50% during the period.

Inotera attributed its revenue drop to fewer wafer shipments in the first quarter. The firm also recognized NT$470 million from currency exchange losses for the quarter.

Looking forward, Inotera expects to post flat or slight sequential growth in wafer shipments for the second quarter.

In addition, Inotera noted the company has moved 20nm process technology to volume production in the second quarter. The company is looking to convert as high as 80% of its total wafer start capacity to the newer node process by the end of 2015.

Inotera added its capex for 2015 remains unchanged. The company announced in October 2014 plans to more than double its capex budget to NT$50 billion in 2015 from NT$22 billion in 2014.