Integrated Micro-Electronics widens losses to $109.19 million
AYALA-led Integrated Micro-Electronics, Inc. (IMI) widened its net loss to $109.19 million last year due to one-time losses.
“The group net loss was at $109.2 million, with one-time losses of $106.1 (million) related to the sale of STI Enterprises Ltd. (STI) and impairment of goodwill and certain assets,” IMI said in a stock exchange disclosure on Wednesday.
IMI saw a 6% decline in revenue to $1.3 billion in 2023, led by factors attributable to its non-wholly owned subsidiary group including the shorter fiscal year of STI, which was divested on Oct. 31 last year.
The company’s non-generally accepted accounting principles operating income rose 29% to $12 million in 2023 from $9.3 million in 2022.
“Wholly owned subsidiaries maintained the momentum from 2022, with revenues on par with the previous year, and better profitability margins netting a reported net income of $13 million, an improvement of 14% versus 2022,” IMI said.
IMI President Jerome S. Tan said the company’s core businesses were able to build on the recovery of 2022 led by “intensive collaboration with customer and supplier partners.”
“The company is operating with a higher level of efficiency through savings obtained from direct material cost reductions and restructuring of overhead costs as we continue to ramp up new businesses in the electric vehicle and energy management projects that we won in the past three years,” Mr. Tan said.
IMI is the manufacturing unit of AC Industrial Technology Holdings, Inc., which is a subsidiary of Ayala Corp.
The company specializes in electronics for long product life cycle segments such as automotive, industrial electronics, and more recently, the aerospace market.
On Wednesday, IMI shares dropped by 2.84% or six centavos to P2.05 apiece. — Revin Mikhael D. Ochave
