Singapore-based semiconductor equipment maker ASMPT reported a 94.4% drop in net profit for the fourth quarter of 2024, totaling HK$4.2 million (US$537,000).

This decline occurred despite the company’s revenue remaining steady at HK$3.4 billion (US$434 million) during the same period.

On Feb.26, ASMPT’s stock price fell 16.6%, closing at HK$64 (US$8.23), in contrast to gains in Hong Kong’s broader market.

During a briefing in Hong Kong, CEO Robin Ng noted challenges in the company’s non-AI sectors amid a sluggish global economy.

He outlined ASMPT’s strategic focus on AI applications to capitalize on the increasing demand for AI chips and infrastructure.