Mitsui High-Tec's Q1 profit falls amid semiconductor slowdown

Mitsui High-Tec (TSE:6966) reported a significant decrease in profit for the first quarter ended April 30, 2025, primarily attributable to the sluggish recovery in final demand for legacy semiconductors. Net sales increased 8.4% year-over-year to JPY54.677 billion, boosted by firm demand for motor cores used in electric vehicles. However, operating profit fell 12.6% to JPY3.469 billion, and ordinary profit plummeted 77.1% to JPY1.480 billion due to foreign exchange losses. Profit attributable to owners of parent decreased 79.7% to JPY968 million.