SMI announces financial results for 2010 third quarter

Semiconductor Manufacturing International (SMI) has announced its consolidated results of operations for the three months ended 30 September 2010.

Revenue in the third quarter was up by 7.6 per cent to $410.1m (£255.7m) from $381.1m in the second quarter and up by 26.8 per cent compared to the same period a year ago.

Gross margins improved to 24.5 per cent compared to 15.6 per cent in the previous quarter, primarily due to an increase in fab utilisation and lower depreciation costs.

Net cash flow from operations decreased to $125.2m in the third quarter from $167.5m in the second.

Gain attributable to holders of ordinary shares was $30.4m compared to gain of $96m in the previous quarter, and diluted EPS was $0.06 per ADS.