Integrated Micro-Electronics Inc. said Monday it returned to profitability in the third quarter, boosted by price adjustments and operating efficiency initiatives.
IMI said in a disclosure to the stock exchange third-quarter net income reached $806,000, a turnaround from the $6.23-million net loss it booked in the same period last year.
Third-quarter revenues climbed 7.6 percent to $351.2 million from $326.4 million a year ago.
IMI said that while supply chain headwinds had started to improve, price adjustments and operating efficiency initiatives implemented by the company led to better-operating results.
IMI said it executed various cost recovery programs aimed at recouping lost profits due to higher raw material costs from the extended component shortage in the past two years.
The company narrowed its net loss to $4.7 million in the nine-month period from $5.3 million in the same period last year.
Revenues improved to $1 billion from $972 million in 2021.
IMI president Jerome Tan said the revenue growth was driven by the automotive and industrial segments, which improved 13 percent and 16 percent, respectively in the first nine months from last year.
“The company remains focused on the successful ramp-up of recent key wins in the electric vehicle space that are expected to help drive the company’s growth moving forward,” said Tan.
IMI’s wholly owned subsidiaries achieved $3.8-million net income in the third quarter, while non-wholly-owned subsidiaries VIA Optronics and STI Ltd. ended the quarter with a combined net loss of $3 million.
IMI is the manufacturing arm of AC Industrial Technology Holdings Inc., a wholly-owned subsidiary of Ayala Corp.
It operates 20 manufacturing plants across 10 countries and provides engineering, manufacturing and support and fulfillment capabilities to diverse industries globally.
The share price of IMI climbed 2.24 percent Monday to close at P5.01.