By Yifan Wang

Semiconductor Manufacturing International Corp. said its net profit for the third quarter more than doubled on year, driven by higher revenue and improving profitability.

Net profit for the quarter was at $256.4 million, sharply higher from $115.1 million over the same period last year.

Revenue grew 33% on year to $1.08 billion, reaching a record quarterly high, the Chinese chip maker said Wednesday.

Profitability also improved with gross profit margin at 24.2% in the quarter, up from 20.8% a year earlier.

SMIC raised its full-year revenue growth guidance to 24%-26%.

The company has faced U.S. export restrictions since earlier this year amid rising geopolitical tensions. However, SMIC said its operations remain normal as of now.

"Though the export restrictions will have an impact on us, in the near-term we believe it is manageable," the company said.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

11-11-20 0624ET