Chinese chip-tool maker AMEC says first-half profit to nearly quadruple amid soaring demand
Advanced Micro-Fabrication Equipment China (AMEC), the country’s top chip-tool maker, says its preliminary profit will nearly quadruple in the first half of the year as robust demand for home-grown semiconductors continues amid US sanctions. Based on unaudited figures, the company said its income between January and June was at least 2.7 billion yuan (US$400 million), representing a year-on-year…
Advanced Micro-Fabrication Equipment China (AMEC), China's leading chip-tool maker, has announced that its first-half profit will nearly quadruple to 2.7 billion yuan (US$400 million) due to robust demand for home-grown semiconductors and US sanctions. The company's revenue increased by 35 per cent year-on-year to 6.7 billion yuan, with a significant portion of the growth attributed to nearly 2 billion yuan in investment and fair-value gains, including the sale of shares in fellow equipment maker Piotech.
Despite these gains, the adjusted profit, excluding the gains, doubled. AMEC shares rose 2.55 per cent in Shanghai, while the semiconductor equipment index advanced over 7.61 per cent. The company's rapid growth is attributed to its ability to develop new machines more quickly than foreign competitors and its position as the first Chinese chip-equipment maker to issue a first-half earnings preview.
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