China-based Semiconductor Manufacturing International Corporation announced its consolidated results of operations for the three months ended March 31, 2009, showing overall revenue decreased to USD146.5 million in the quarter, down by 46.2% from the previous quarter.

Dr. Richard Chang, CEO of SMIC, stated, "In the first quarter our revenue exceeded our previous guidance by 7.5%, and our quarterly ASP increased 8.9% year-over-year. Among the total wafer revenue, logic products contributed 96.9%. We also witnessed significant month-over-month increases on wafer orders and fab movements since Chinese New Year."

Gross margin was -88.3% in the quarter compared to -27.4% in the fourth quarter of 2008 due to a significant decline in wafer shipment and fab utilization. SMIC recorded a net loss of USD178.4 million in the first quarter of 2009, compared to net loss of USD139.5 million in the previous three-month period.

Despite a sharp reduction in fab utilization, the company generated USD78 million of net cash from operating activities in the first quarter, and the company has lined up new credit facilities totalling approximately USD240 million.

"Into the second quarter of 2009, we are encouraged by the increasing orders received. We anticipate approximately 60% quarter-over-quarter increase in revenue in the second quarter of 2009. We are hopeful that the worst is behind us, and we are working hard on all fronts to strengthen our operational and financial performance as the overall market continues to recover," stated Chang.