SMIC Q1 Revenue Up 35.3% YoY - Quick Facts

(RTTNews) - Semiconductor Manufacturing International Corp. (SMICY) reported first quarter gross profit of $233.6 million, an increase of 91.4% from $122.1 million, previous year. Gross margin was 25.8% compared to 18.2%. Revenue rose 35.3% year-on-year to $904.9 million.

Zhao Haijun and Liang Mong Song, Co-Chief Executive Officers stated: "The company's revenue in the first quarter has reached a historical high, as market demand and product mix are better than expected. Revenue related to communications, computer and consumer electronics grew, gradually increasing in market share."

For the second quarter, the company projects: revenue to increase by 3% to 5% QoQ; and gross margin to range from 26% to 28%.