SMIC announces first-quarter revenues

Semiconductor Manufacturing (SMIC), a semiconductor foundry, has posted revenues of $351.7m (£235.6) in first-quarter 2010, up from $333.1m in fourth-quarter 2009 and up 140.1 per cent compared with first-quarter 2009.

Gross margins improved to 14.6 per cent, compared with 7.6 per cent in the previous quarter, primarily due to an increase in wafer shipments and higher ASP.

Net cash flow from operations has increased to $153.1m from $89.3m in the previous quarter.

Loss attributable to holders of ordinary shares narrowed to $181.9m, compared with a loss of $617.7m in last-quarter 2009, while fully diluted EPS showed a loss of $0.41 per ADS.