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SMIC swings to profit in Q3

Nov. 6, 2012 (China Knowledge) - Semiconductor Manufacturing International Corp or SMIC<0981>, China's largest chipmaker, has said its net profit for the third quarter of this year reached US$11.97 million, whereas the company suffered a loss of US$88.07 million in the same period of 2011.

In the three months ended Sep. 30, 2012, the company's diluted earnings per share were US$0.02.

According to a statement filed with Hong Kong Stock Exchange, the company's revenue grew 50% YoY to a record high of US$461 million in the three months period, of which 46.7% was derived from telecommunication business, 43.1% from consuming sector, 1.5% from computer sales and 8.7% from other businesses.

For the fourth quarter of 2012, SMIC expects its revenue growth to be within 2%, and its gross margin is expected to reach between 18% and 20% in the period.

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