AMEC said its preliminary net profit for the first half of the year nearly quadrupled, reaching at least 2.7 billion yuan (US$400 million) for January–June, a year-on-year increase of 282 percent based on unaudited figures in a filing to the Shanghai Stock Exchange on Monday. The company attributed the performance to robust demand for home-grown semiconductors amid US sanctions.
The upper limit of profit growth could reach 311 percent, which would translate into a net profit of 2.9 billion yuan. Revenue for the period rose 35 percent from a year earlier to 6.7 billion yuan.
AMEC financial drivers
The company said the staggering profit growth was partly driven by nearly 2 billion yuan in investment and fair-value gains, including the sale of shares in fellow equipment maker Piotech earlier this year. AMEC added that adjusted profit excluding those gains doubled during the first half.
AMEC shares closed up 2.55 percent in Shanghai on Tuesday, while a semiconductor equipment index compiled by Wind to track more than 20 mainland-listed firms advanced more than 7.61 percent.
