SAN JOSE, Calif. Semiconductor Manufacturing International Corp. (SMIC) said sales increased to $388.3 million in the first quarter, up 10.6 percent from the like period a year ago and up 1.2 percent sequentially.
Net income was $8.8 million in Q1, compared to a net loss of $9.6 million in 1Q 2006 and net income of $0.1 million in the previous quarter.
Richard Chang, CEO of SMIC, was upbeat. ''Despite operating in a difficult business environment, SMIC was able to grow its revenues through several channels this quarter,'' he said in a statement.
''We have seen several orders come back from major customers. During the quarter, we have seen significant growth in orders from the Chinese local design companies, which accounts for 12.8 percent of the revenue in 1Q07 as compared to 8.8 percent in 4Q06,'' he said.
''We expect continued growth in the business from the Chinese local design companies for the rest of this year,'' he said. ''We are currently on track with our technology roadmap with 65nm technology development making good progress.''