SMIC reshuffles senior execs
By Zhu Shenshen |
February 11, 2010, Thursday
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Print Edition
Print Edition
SEMICONDUCTOR Manufacturing International Corp overhauled its top management, following a loss of US$482 million in the fourth quarter, with the focus of pursuing profitability, the biggest contract chip maker on the Chinese mainland said yesterday.
Shanghai-based SMIC posted a net loss for the last 14 quarters due to competition pressure and copyright lawsuits filed by its rivals, Taiwan Semiconductor Manufacturing Co and United Microelectronics Corp - the world's top two contract chip makers.
In the fourth quarter, SMIC posted a loss of US$482 million, including a US$300 million charge to TSMC related to the settlement of a long-running dispute.
SMIC also announced an overhaul of its top management, including the naming of a new chief financial officer and operating officer. The unveiling followed the departure of SMIC's founder and CEO Richard Chang late last year, who was replaced by David Wang, a chip industry veteran.
"2010 looks to be a good year for the semiconductor industry. We believe it will also be an important step on our journey toward sustained profitability," Wang said in an e-mail statement.
Hong Kong-listed SMIC lost 5.97 percent to close at 63 HK cents (9 US cents), compared with a 0.67 percent rise in the Hang Seng Index yesterday.
In the fourth quarter, SMIC's revenue totaled US$333.1 million, an annual jump of 22.2 percent.
The firm forecasts revenue to rise 2 percent in the first quarter. Its capital expenditure is likely to be between US$95 million and US$100 million. But it didn't provide more details.
China's Datang Telecom will raise investment in SMIC, media reported recently citing an internal source.
But SMIC denied the report, saying it's "also looking at strategic opportunities to enhance shareholder value for the company."
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