Semiconductor Manufacturing International Corp (SMIC) announced a 58.3% increase in net profit for the third quarter, marking a recovery signal within the semiconductor sector after a decline since late 2022.

In the July-September period, SMIC reported net earnings of US$148.8 million. Revenue for the quarter was US$2.17 billion, a 34% rise that closely aligned with the market forecast of US$2.2 billion.

The company’s gross profit margin reached 20.5%, surpassing earlier expectations of 18% to 20%.