SMIC reports 48.3% fall in Q1 net profit

FILE PHOTO: A logo of Semiconductor Manufacturing International Corporation (SMIC) is seen at China International Semiconductor Expo (IC China 2020) following the coronavirus disease (COVID-19) outbreak in Shanghai, China October 14, 2020. REUTERS/Aly Song

SHANGHAI (Reuters) - Chinese chip maker Semiconductor Manufacturing International Corp (SMIC) on Thursday reported revenue of $1.46 billion, in line with estimates and down 20.6% from the same period one year ago.

Net Income hit $231.1 million, down 48.3% from the same period the year before and beating estimates of $174.5 million.