SMIC's Q1 revenues hit record US$905m

Semiconductor Manufacturing International (0981) recorded a record-high quarterly revenue in the first quarter, as market demand and product mix were better than expected.

SMIC announced that quarter-one profit surged 4.23 times year-on-year to US$64.16 million (HK$500.48 million), falling 27.7 percent from a quarter earlier.

For the first three months ended March 31, revenue was US$905 million, up by 35.3 percent yearly and 7.8 percent quarterly.

The gross profit margin was 25.8 percent, up 7.6 percentage points compared to the same period last year and rising 2 percentage points quarter over quarter.

Zhao Haijun and Liang Mong Song, SMIC's co-chief executive officers commented, "Revenue related to communications, computer and consumer electronics grew, resulting in increased market share."

The demand for CMOS image sensors related integrated circuits, power management, fingerprint sensors, specialty memory, and other related applications are strong, they added.

The company decided to adjust the capital expenditure from US$1.1 billion to US$4.3 billion to develop the telecommunications, phones, vehicles, and e-payment sectors.