Handset-IC design specialist MediaTek has reported net profits of NT$7.25 billion (US$236.7 million) for the first quarter of 2015, which hit the lowest quarterly level since the second quarter of 2013.

MediaTek generated consolidated revenues of NT$47.54 billion in the first quarter, down 14.3% sequentially. The company attributed the revenue decrease to seasonal factors, and "weakening smartphone growth momentum in emerging markets resulting from the rapid appreciation of US dollar."

MediaTek's gross margin for the first quarter slid 0.6pp sequentially to 47.3%, due mainly to "smartphone product transition and market competition," the company noted.

MediaTek's net profits came to NT$4.62 per share in the first quarter of 2015, compared with NT$6.65 in the prior quarter and NT$6.82 a year ago.

MediaTek also disclosed that inventory turnover was 92 days in the first quarter, higher than 74 days in the previous quarter and 50 days during the same period in 2014.

Looking forward, MediaTek expects to post revenues of between NT$45.2 billion and NT$49 billion in the second quarter, representing growth of up to 3% or up to 5% decrease on quarter.

In addition, MediaTek has reiterated its shipment goal for 2015. The company targets shipping a total of 450 million mobile phone chips this year.