SMIC turns red ink to black in Q3
By Rich Zhu |
November 4, 2010, Thursday
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Print Edition
Print Edition
SMIC, the biggest made-to-order chip maker in the Chinese mainland, said yesterday it returned to the black in the third quarter as it tapped the booming integrated circuit market and its profit margin improved due to technology evolution.
The Shanghai-based company will also continue to invest to expand its Beijing plant and technology development, which was expected to bring annual capital spending to US$750 million to US$800 million in 2010, said David Wang, SMIC's chief executive.
Semiconductor International Manufacturing Corp posted a third-quarter net profit of US$30.7 million, a turnaround from a loss of US$68.1 million a year earlier. The result surpassed analysts' forecasts of a US$68.7 million loss.
The Shanghai-based company will also continue to invest to expand its Beijing plant and technology development, which was expected to bring annual capital spending to US$750 million to US$800 million in 2010, said David Wang, SMIC's chief executive.
Semiconductor International Manufacturing Corp posted a third-quarter net profit of US$30.7 million, a turnaround from a loss of US$68.1 million a year earlier. The result surpassed analysts' forecasts of a US$68.7 million loss.
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