Losses deepen for Ayala Group’s IMI, but core business shows signs of life

Integrated Micro-Electronics Inc. (IMI), the electronics manufacturing arm of the Ayala conglomerate, saw its losses widen last year due to one-time charges and lower revenues.

In a regulatory filing, IMI reported a net loss of $109.2 million in 2023, compared to a net loss of $6.8 million in 2022. This increase stemmed primarily from $106.1 million in one-time losses related to the sale of subsidiary STI and impairment of assets.

Overall revenues also dropped by 6% year-on-year to $1.3 billion, partly due to factors affecting its non-wholly owned subsidiaries, including the shortened fiscal year of STI before its divestment in October 2023.

However, excluding one-off items, IMI’s core business performance showed improvement. Group non-GAAP (generally accepted accounting principles) earnings reached $12 million in 2023, up from $9.3 million in the previous year.

“Through collaboration with partners, IMI’s core businesses built upon the recovery momentum of 2022,” stated IMI president Jerome Tan.

“The company is operating with increased efficiency due to cost reductions and restructuring efforts. We’re also ramping up new ventures in electric vehicles and energy management, following project wins over the past three years,” he added.

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