Semiconductor Manufacturing International 2013 Profit Rises

(RTTNews) - Semiconductor Manufacturing International Corporation (SIUIF.PK, SMI) reported profit before tax of US$178.60 million for the year ended December 31, 2013, compared to US$13.44 million, a year ago. Profit for the year from continuing operations was US$174.47 million, compared to US$22.54 million. Earnings per share from continuing operations was US$0.01 compared to breakeven prior year.

Profit from operations increased to US$187.1 million from US$35.5 million primarily due to: shipment increase and high utilization in 2013; Shanghai 12 inch fab successfully ramping up and reducing per wafer cost; increase of fab efficiency and cost saving; the gain arising from the disposal of part of the living quarters in Shanghai; and the gain arising from the disposal of the company's total ownership interest in SMIC (Wuhan) Development Corporation.

Revenue from continuing operations increased to US$2.07 billion from US$1.70 billion, prior year. Revenue increased by 21.6%, primarily due to successful ramping up of Shanghai 12 inch fab in 2013 and a significant increase in Chinese sales.

Wafers shipped were 2.574 million units in 2013, a 16.1% increase from 2.217 million units in 2012.

Gross profit was US$438.4 million compared to US$348.8 million, representing an increase of 25.7%. Gross margin was 21.2% in 2013 compared to 20.5% in 2012.

The Board of Semiconductor Manufacturing International did not recommend the payment of any dividend for the year ended December 31, 2013.