"Performance" ASMPT's third quarter non-Hong Kong Accounting Standards adjusted profit is 102 million, a year-on-year increase of 245%

ASMPT (00522.HK) announced its third-quarter results for the period ending in September, with sales revenue of HKD 3.661 billion, an increase of 9.5% year-on-year and 7.6% quarter-on-quarter, mainly driven by growth in the surface mount technology solutions segment, slightly below the median of revenue forecasts. It recorded a loss of HKD 269 million, with the loss primarily due to restructuring costs from the voluntary liquidation of a subsidiary and inventory write-offs of approximately HKD 371 million; the loss per share was HKD 0.65.

According to non-Hong Kong Financial Reporting Standards, adjusted net profit after tax was HKD 102 million, a year-on-year increase of 245.2%, but a quarter-on-quarter decrease of 24.5%. During the quarter, the adjusted gross margin was 37.7%, down 203 basis points quarter-on-quarter and 330 basis points year-on-year, mainly impacted by significant contributions from the surface mount technology solutions segment and the product mix and relatively low manufacturing utilization in the semiconductor solutions segment. Year-to-date, the adjusted gross margin has remained at approximately 40%.

Driven by artificial intelligence, the total new orders for the quarter amounted to USD 463 million, a year-on-year increase of 14.2%, but a quarter-on-quarter decrease of 3.5%. Excluding the impact of a leading high-density substrate manufacturer canceling certain orders, the total new orders for the quarter were USD 487 million, representing year-on-year and quarter-on-quarter growth of 20.1% and 1.5%, respectively. As of September, the total backlog of orders was approximately USD 868 million.

For the fourth quarter, sales revenue is forecasted to be between USD 470 million and USD 530 million, with a median quarter-on-quarter increase of 6.8% and a year-on-year increase of 14.3%