ASM's Q1 net jumps 57pc

ASM Pacific Technology (0522) posted a 57 percent jump in net profit in the first quarter to HK$830 million thanks to stronger demand for its products.

Revenue grew 21.5 percent to HK$5.27 billion in the first three months, while the bookings recorded HK$7.04 billion over the same period, largely driven by bookings in advanced packaging segments and automotive segments, the semiconductor provider said.

Group gross margin was 40.6 percent in the first quarter due to both segments' stronger gross margins, it added.

ASM expects slower growth in bookings in the second quarter due to the tight supply chain. "We have taken steps to convert our strong order backlog at a faster pace, even as sporadic Covid-19 measures and continued supply chain constraints could influence near-term deliveries," said Robin Ng, chief executive of ASM.

The revenue for the second quarter is expected to reach between US$670 million to US$740 million, a growth of 5.8 percent at the mid-point, the company said.