SMIC’s Q2 net profit up 35% at US$76.7m
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HONG Kong-listed Semiconductor Manufacturing International Corp, said yesterday that its second-quarter net profit grew 35 percent year on year to US$76.7 million, as surging domestic demand drove its revenue to a record high.
China’s leading contract chipmaker said in a filing to the stock exchange that its revenue increased 6.9 percent in the period to US$546.6 million.
It has benefited significantly from a decision by the central government to add the semiconductor industry to its national development strategy.
China sales accounted for 51 percent of SMIC’s revenue in the period, up from 44 percent in the second quarter of 2014.
“This is a breakthrough for SMIC,” said Gu Wenjun, chief analyst at Shanghai-based consulting company iCwise.
“The national strategy (on semiconductor development) will continue to benefit it going forward,” he said.
The company’s domestic customers comprise mostly “fabless” semiconductor companies, which design chips, but outsource their fabrication to foundries like SMIC.
The company said in the filing that it expects its revenue to grow by between 1 and 3 percent in the third quarter.
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