By Yongchang Chin
ASM Pacific Technology Ltd.'s first-quarter profit rose thanks to higher demand for its products, including mini-LED displays as well as printing and placement tools, the company said Thursday.
ASM's net profit for the quarter was 832.3 million Hong Kong dollars ($106.1 million dollars) versus HK$521.5 million dollars in the previous year. Revenue was HK$5.27 billion versus HK$4.34 billion.
Supply-chain issues and component shortages weighed on the company's results, but it said its inventory management and investments into global manufacturing infrastructure helped ease some of the constraints.
"While the group has taken steps to convert its strong order backlog at a faster pace, sporadic Covid-19 measures and continued supply-chain constraints could influence near-term deliveries," ASM said.
The company guided for second-quarter revenue of $670 million to $740 million, representing 5.8% growth on year.
Write to Yongchang Chin at yongchang.chin@wsj.com
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