Integrated Micro-Electronics Inc. (IMI), the electronics manufacturing arm of Ayala Corp., widened its net loss to $109 million in 2023 from a loss of $6.75 million in 2022.
IMI said in a disclosure to the stock exchange Wednesday it incurred a large net loss after it booked one-time losses of $106.1 million related to the sale of STI Enterprises Limited and impairment of goodwill and certain assets.
Revenues also slipped 6 percent to $1.3 billion last year due to the divestment of STI in October.
Meanwhile, IMI said its wholly-owned subsidiaries maintained the momentum from 2022, with revenues at par with the previous year, and better profitability margins netting a reported net income of $13 million, an improvement of 14 percent from 2022.
“Through intensive collaboration with customer and supplier partners, IMI core businesses were able to build on the recovery of 2022,” said IMI president Jerome Tan.
“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 EV and energy management projects that we won in the past three years,” Tan said.
IMI ranks among the top 25 electronics manufacturing service (EMS) providers in the world based on 2022 revenues per Manufacturing Market Insider and is among the top ten automotive EMS companies per New Venture Research.
It specializes in highly reliable and quality electronics for long product life cycle segments such as automotive, industrial electronics and more recently the aerospace market.
IMI provides engineering, manufacturing and support and fulfillment capabilities to diverse industries globally from its 18 manufacturing plants across ten countries.
