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SMIC turns profit into loss in Q4

Feb. 9, 2012 (China Knowledge) - Semiconductor Manufacturing International Corp or SMIC<0981>, China's largest chipmaker, has posted US$165.6 million-net loss attributable to shareholders for the fourth quarter of 2011, whereas it earned US$68.57 million in net profit attributable to shareholders in the same period of 2010.

The Hong Kong-listed firm's net loss attributable to shareholders for the third quarter of last year was US$88.1 million.

In the three months ended Dec. 31, 2011, the company's diluted earnings per share were US$0.30.

Revenue for the reporting period declined by 5.6% quarter on quarter from US$306.9 million or by 29.1% year on year to US$289.6 million, of which 44.1% was derived from telecommunication business, 42.5% from consuming sector, 3.3% from computer sales and 10.1% from other businesses.  

At the end of last year, SMIC had US$80.8 million in cash, compared with US$160.9 million it had as of Sep. 30, 2011.

For the first quarter of 2012, SMIC expects its revenue growth to be in the range of 7% to 9%, and its gross margin is expected to reach between 4% and 7% in the period.

The leading Chinese chip maker has allocated US$430-million capital expenditure for 2012.

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