IMI returns to profitability with $16.4 million in end September

MANILA, Philippines — Ayala-led Integrated Micro-Electronics Inc. (IMI) continues its recovery in the nine months ending September, following the company’s efforts to improve operational efficiency and rationalize costs.

The global electronics manufacturing services company reported a net income of $16.4 million from January to September, a significant turnaround from the $ 1.1 million net loss reported in the same period last year.

Group revenues reached $749 million year-to-date, with core revenues accounting for $679 million.

“The substantial improvement in financial performance is a result of decisive steps taken by the IMI leadership team to improve operational efficiency and rationalize costs,” IMI said.

“Part of these efforts is the recently concluded sale of IMI Czech Republic, which contributed to lowering overhead expenses without sacrificing operational scale,” it said.

In 2024, IMI embarked on a transformative journey under a new leadership team, aimed at enhancing efficiency, driving growth and adapting to shifting market dynamics.

The company has been working to strengthen its balance sheet by reducing external loans and maintaining adequate liquidity through effective cash flow management, optimizing working capital, and establishing credit lines.

Last September, IMI announced the consolidation of its two IMI Shenzhen sites into a single facility, a move seen as optimizing overhead costs and driving margin improvement through increased asset utilization and operational efficiency in the region.

Driven by the increase in utilization rates across the company’s facilities, IMI said that third quarter gross margin reached 9.8 percent, a continued improvement compared to the first half’s 8.7 percent and last year’s 7.1 percent.

IMI is a global electronics manufacturing solutions expert specializing in highly reliable and quality electronics for long product life cycle segments in the automotive, industrial, power electronics, communications and medical industries.