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SMIC Profits Soar to $138m in Second Quarter

By Ye Zhanqi and Lu Yutong / Aug 07, 2020 04:15 PM / Business & Tech

High-profile Semiconductor Manufacturing International Corp. saw its profits in the second quarter of the year spike more than six-fold to $138 million compared with the same period last year, according to a financial report filed to the Hong Kong Stock Exchange on Thursday.

Its revenue rose by 18.7% year-on-year to $938 million during the same period. SMIC attributed the growth to an increase of wafer shipments – which made up over 90% of its earnings between April to June.

The Chinese mainland and Hong Kong contributed 66.1% of SMIC’s income in the second quarter, while revenue from markets in the U.S. and Eurasia, excluding China, continue to decline to 21.6% and 12.3%, respectively.

SMIC also recorded a $40.5 million operating income which is recognized as government funding, though the amount was down 31.7% compared to the first quarter and 35% less than the same period last year.

The amount SMIC spent on research and development fell 13.3% from April to June, mainly due to a decrease in related activities, the report said.

Contact reporter Lu Yutong (yutonglu@caixin.com)

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