HONG KONG - Semiconductor International Manufacturing Corp (SMIC) reported its first operating profit in four years, banking on a strong global market and efficiency-improving measures under a year-old new management team, Reuters reported on Wednesday.
Cautious monetary policy urgedSMIC shares were up 3 percent in early trade in Hong Kong on Wednesday. They are up about 32 percent year to date, on optimism that a nearly year-old management team led by industry veteran David Wang will be able to lead the company to sustainable profitability.
The third quarter is profitable and the company is gaining momentum in all areas, Reuters cited Wang as saying in a conference call on Wednesday to discuss the results, including an unexpected net profit.
