Tuesday, April 29, 2008
China's Semiconductor Manufacturing International Corp. (SMIC) has reached an agreement with its foundry customers to exit the commodity DRAM business..
SMIC recorded a net loss of $119.1 million in the first quarter. This includes the reversal of $20.5 million deferred income tax benefits recorded in the fourth quarter, as required under US GAAP, resulting in an adjusted net loss of $19 million in 2007.
Overall revenue decreased to $362.4 million in the first quarter, down 8.3 percent from the previous quarter and down 6.7 percent a year ago.
Fab-capacity utilization hit 92.1 percent in Q1, compared to 94.4 percent in the previous quarter and 86.2 percent a year ago. Total planned capital expenditures for 2008 will be approximately $700 million and will be adjusted based on market conditions.
SMIC will convert its DRAM production into logic throughout 2008. SMIC makes DRAMs on a foundry basis for Germany's Qimonda AG.
By: DocMemory
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