Semiconductor Manufacturing International Corporation's (SMI) consolidated results for the three months ended March 31, 2008 show overall revenue decreased to US$362.4 million, down 8.3% from the previous quarter.
However non-DRAM revenue increased by 5.5% quarter-on-quarter to US$318.6 million from the previous quarter and increased by 25.6% year-on-year. Logic sales from 0.13 micron full-flow and 90 nanometer technology nodes have increased by 33.5% from the previous quarter.
SMIC recorded a net loss of US$119.1 million in the quarter, including the reversal of US$20.5 million deferred income tax benefits recorded in the fourth quarter of 2007, as required under US GAAP, resulting in an adjusted net loss of US$19 million in 2007.
During the first quarter of 2008, SMIC says it reached an agreement with customers to exit the commodity DRAM business.
Over a conference call, Dr. Richard Chang, CEO of SMIC, spoke with analysts about the quarterly results and said, "As the world’s largest market for integrated circuits, China has experienced exceptionally strong market growth since the beginning of the year. Our China revenue increased by 22.6% since the fourth quarter of 2007, and we enjoyed the addition of 15 new domestic customers this quarter. We also reported a 17.1% quarter-on-quarter increase in new product tape-outs. Not only have we experienced considerable growth in our China sales, but we also enjoyed a significant boost in our North America sales. Despite the challenging economic situation in the U.S., our sales in North America grew by 10.0% quarter-over-quarter and increased as a portion of our total revenue to 53.6% in the first quarter of 2008, compared to 44.6% in the fourth quarter of 2007."