Chinese communications and semiconductor company Wingtech Technology Co., Ltd. on Sunday reported strong performance in the first half of 2020, despite the impact of COVID-19.
Net profit attributable to its shareholders surged 767.19 percent year on year to 1.7 billion yuan (about 248 million U.S. dollars), Wingtech said in its financial report filed with the Shanghai Stock Exchange.
Wingtech generated revenue of 24.1 billion yuan in the first six months, with a year-on-year increase of 110.93 percent.
The company attributed the substantial revenue and profit growth partly to the international layout of its communications business and the optimization of customer structure.
It realized controlling shareholding in Nexperia, a European semiconductor company, in November 2019, and has included its performance in accordance with the shareholding ratio of 74.45 percent, which led to a significant increase in net profit in the January-June period. Enditem
