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Ingenic Semiconductor Expects Up to 531% Surge in H1 Profit

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Ingenic Semiconductor (SHE:300223) forecasts a 431% to 531% surge in its net attributable profit to between 1.08 billion yuan and 1.28 billion yuan in the first half from 203.1 million yuan in the year-ago period, according to a Monday after-hours filing with the Shenzhen bourse.

The semiconductor company attributed the expected rise to strong demand for storage chips as well as price increases of computing chip products due to higher prices of raw materials.

Shares rose 2% during the midday break on Tuesday.

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