Semiconductor Manufacturing International Corporation (SMI) has announced its consolidated results of operations for the three months ended June 30, 2005. Sales increased 12.3% in the second quarter of 2005 to $279.5 million from $248.8 million in the prior quarter.
The company reported an increase in capacity to 139,025 8-inch equivalent wafers per month and a utilization rate of 87% in the second quarter of 2005. Net loss increased to $40.4 million in the second quarter of 2005 compared to a loss of $30.0 million in the first quarter of 2005.
Based on the demand forecasts provided by SMIC's customers, the company believes that the second half of 2005 will be a period of financial growth and improvement and have increased their projected capital expenditure budget to $1.1 billion for 2005.
With the semiconductor industry gearing up for a rebound in the second half of the year, SMIC have secured an additional $600 million in financing that will be more than sufficient to covertheir funding requirements for 2005.
During Q2 SMIC added 20 new customers, over half of which came from Mainland China.