Semiconductor Manufacturing International Corp. (SMIC) said that its third-quarter revenue and profit climbed to a record high, as Beijing aims to build a domestic chipmaking industry less dependent on foreign technology.
For the three months through September, Shanghai-headquartered SMIC racked up $1.1 billion in revenue, representing a year-on-year increase of 32.6%, according to a stock filing on Wednesday.
The Hong Kong-listed company’s profit totaled $256 million for the period, up 122.7% year-on-year, the financial report showed.
The results come as the U.S. government tightens its grip on sales of chips made with American technology to Chinese tech giant Huawei, for which SMIC is a major semiconductor supplier.
As the U.S. export restrictions continue to bite, SMIC predicts that its fourth-quarter revenue will decrease by 10% to 12% quarter-on-quarter.
Contact reporter Ding Yi (email@example.com)