Marbridge Daily

<- May 11, 2012 ->

SMIC Q1 2012 Loss Exceeds USD 42 Mln

PR Newswire Asia, 5/11/12

Chinese semiconductor foundry Semiconductor Manufacturing International Corporation (SMIC) (NYSE: SMI, 0981.HK) today announced its consolidated financial results for the first quarter ended March 31, 2012, with net revenue up 14.9% QoQ, but down 10.2% YoY to USD 332.7 mln.

Net loss attributable to SMIC for Q1 2012 was USD 42.8 mln, compared to a net loss of USD 165.2 mln in Q4 2011.

According to SMIC CEO Chiu Tzu-Yin, the company has successfully obtained two major loans in Q1 2012, a USD 268 mln loan facility, obtained in February, and a USD 600 mln syndicated loan, obtained in March.

The company estimates that Q2 2012 revenues will increase between 19% and 21%.

To See SMIC's full earnings report, please click here.

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