Ionics net loss widens 16.9% to P474M in ’04

Semiconductor firm Ionics Inc. reported over the weekend its net loss widened by 16.9 percent to P473.69 million in 2004 from P405.21 million in 2003 due mainly to lower sales and rising expenses.

Financial statements filed with the Philippine Stock Exchange (PSE) showed that the costs of goods sold declined by 34 percent to P4.6 billion from P6.98 billion in 2003.

Operating expenses, on the other hand, grew 15 percent to P214.78 million from only P186.28 million because of higher sales commission.

Ionics said it will start operations in China in April through 75 percent owned subsidiary Ionics EMS Inc. The firm can’t comment yet how the China operations will impact its financial performance for this year.

The new manufacturing plant to be put up in China is seen to complement Ionics EMS’ already existing facility in the country and ultimately strengthen its position in the international market.

Listed on the Singapore Stock Exchange, Ionics EMS is the leading and most experienced provider of electronics manufacturing services in the Philippines.

It has a track record of extending a broad range of services like design, engineering, manufacturing and logistics solutions for customers in the computing, telecommunications, consumer, automotive, industrial and medical field.

The company is known for its manufacturing expertise in printed circuit board assembly and box-build specifically in the flip chip assembly on flex, rigid boards and glass.

Ionics EMS had consolidated its manufacturing operations in existing facilities in Laguna following the termination of its business venture with manufacturing solutions provider Sanmina-SCI.

Ionics EMS centralized its operations in its three existing plants located in industrial parks in Laguna. These facilities are equipped with state of the art machinery that matches global standards in manufacturing that is seen to effectively carry out its operations.