RTTNews | Feb 5, 2021 04:42AM EST

04:42 Friday, February 5, 2021 (RTTNews.com) - Semiconductor Manufacturing International Corp. reported fourth quarter profit to owners of the company of $257.04 million, an increase of 189.7% from previous year. Earnings per ADS was $0.15 compared to $0.08. Fourth quarter revenue was $981.09 million, an increase of 16.9 percent from last year.

For the first quarter, the company projects: revenue to increase by 7% to 9% quarter-on-quarter; and gross margin to range from 17% to 19%.

Gao Yonggang, CFO of SMIC, said: "For 2021, our annual revenue target is mid-to-high single digit percentage growth; revenue target for first half is around $2.1 billion; and annual gross margin target is in the mid-teens range."

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