MediaTek's net profits soared to almost NT$8 billion (US$246 million) in the third quarter of 2015 hitting the highest quarterly level for the year.

MediaTek has announced net profits of NT$7.96 billion on consolidated revenues of 56.96 billion for the third quarter, representing sequential increases of 21.1% in revenues and 24.8% in profits. EPS for third-quarter 2015 came to NT$5.09, compared with NT$4.06 in the prior quarter and NT$8.51 in the year-ago quarter.

MediaTek credited its sequential revenue growth in the third quarter to "seasonal demand, rising high-end product mix and favorable foreign exchange rate."

MediaTek's gross margin, however, slid 3.2pp sequentially to 42.7% in the third quarter due mainly to intense competition in the smartphone-chip market.

MediaTek also disclosed that inventory turnover came to 94 days at the end of the third quarter, down from 111 days at the end of the second quarter but up from 68 days a year earlier.