IMI swings to profit in Q1

MANILA, Philippines — Ayala-owned Integrated Microelectronics Inc. (IMI) managed to weather the pandemic as it posted a net income of close to $2.2 million due to changes introduced in its corporate strategy.

IMI yesterday disclosed a net income of $2.19 million for the first quarter, reversing a net loss of $4.61 million in the same period last year.

Consolidated revenues grew by more than 28 percent to $327.54 million despite the troubles brought on by a supply squeeze in the components market.

IMI president and CEO Arthur Tan said the firm endured a shortage in electronic parts in the first quarter as experienced by their counterparts globally.

“IMI management teams have taken swift and decisive actions to leverage our scale and global supply chain network to mitigate the impact of this headwind. I am confident that we will again emerge stronger and wiser from the challenges that 2021 brings,” Tan said.

According to IMI, revenues generated by its wholly owned businesses jumped by 22 percent to $255 million, but admitted it missed out on some financial gains due to the extended lead time in the delivery of certain parts.

IMI is now coordinating with customers and suppliers worldwide to recover deferred revenue opportunities.

On the other hand, non-wholly owned businesses grew its revenues by 55 percent to $73 million with their entry in the up and coming segments in the automotive and defense industries.

VIA Optronics sustained its transition toward new products required by automotive and industrial buyers. These items accounted for 71 percent of display solutions revenues made in the fourth quarter of last year and the firm plans to invest on research and development to propel growth in these markets.

UK-based STI Ltd. enhanced its operations by infiltrating the aerospace and defense segments. The firm’s plan to mass produce is now gaining with large scale projects in the bag and with a Brexit framework in place.

IMI is the manufacturing arm of AC Industrial Technology Holdings Inc., a wholly owned subsidiary of Ayala Corp.

The firm, headquartered in Biñan, Laguna, engages in the production of electronic components for automotive, industrial and aerospace manufacturers through its 21 plants across 10 different countries.