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Dow Jones Newswires: Chip maker SMIC’s Q2 profit drops, but revenue tops expectations

Semiconductor Manufacturing International Corp.’s

net profit fell in the second quarter amid rising costs, but revenue came in above expectations, the Chinese chip maker said late Thursday.

SMIC reported net profit of $514.3 million for the quarter, down from $687.8 million a year ago.

Revenue rose to $1.90 billion in the second quarter from $1.34 billion, which SMIC said exceeded its expectations.

Third-quarter revenue is expected to be flat or rise up to 2% from the previous quarter, the company said.

Looking ahead, SMIC said it remains confident in its medium- to long-term growth prospects, adding that “what is certain is that the IC [integrated chips] industry’s demand growth and global localization trend, as well as the long-term logic of indigenous manufacturing, remains unchanged,” despite what it called “short-term adjustments.”

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