April 23, 2013 / 10:46 PM / in 4 years

CORRECTED-Chip equipment maker ASM International swings to profit

1 Min Read

(Corrects paragraph 3 to say ASMI reported a profit, not loss, in the first quarter of 2012)

April 23 (Reuters) - Dutch semiconductor equipment maker ASM International NV swung to a first-quarter net profit as it realized a gain from the sale of its stake in its Hong Kong-listed unit ASM Pacific Technology.

ASMI said on March 13 it had raised 422 million euros ($547 million) by selling 12 percent of ASM Pacific Technology to institutional investors in a share placement, leaving it with a 40 percent stake in the Hong Kong business.

ASMI reported a net profit of 1.4 billion euros, compared with a loss of 22 million euros in the fourth quarter and a profit of 6 million euros a year earlier.

ASMI's net sales fell 23 percent in the first quarter to 240 million euros.

Analysts in a poll commissioned by Reuters had expected a net loss of 2.6 million euros for the first three months of the year on sales of 290 million euros. (Reporting by Neha Alawadhi in Bangalore; Editing by Don Sebastian)

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