March 20, 2018 / 7:27 AM / a month ago

British chipmaker IQE posts 18 pct rise in 2017 pretax profit

March 20 (Reuters) - British chipmaker IQE Plc, whose technology is used in Apple Inc’s iPhone, posted an 18 percent rise in full-year pretax profit on Tuesday on strong sales of wafer, a semiconductor material.

The company said adjusted pretax profit rose to 24.3 million pounds ($34.1 million) for the year ended Dec. 31, from 20.6 million pounds a year earlier.

Revenue rose 16 percent to 154.5 million pounds in 2017. ($1 = 0.7123 pounds) (Reporting By Justin George Varghese in BENGALURU and Alasdair Pal in LONDON; Editing by Amrutha Gayathri)

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