SMIC revises up third quarter revenue forecast

Semiconductor Manufacturing International Corporation (0981) raised its third-quarter revenue forecast, expecting a 14-16 percent rise from a quarter ago, from 1-3 percent increase.

Gross margin for the three months ended September would be 23 percent to 25 percent as compared with the original guidance of 19 percent to 21 percent, the company said.

However, Goldman Sachs predicts revenue to drop by 6 percent in the third quarter, a 26-27 percent decline from the three months ended June.

Shares of SMIC pared a 7 percent gain on opening to around 1 percent, trading at HK$19.96 as of 2:30 pm.