Ayala-owned IMI returns to net income in Q3

MANILA, Philippines — Ayala-owned Integrated Micro-Electronics, Inc. (IMI) reported improving earnings in the third quarter despite persisting supply chain disruptions that plague the sector. 

In a disclosure sent to the Philippine Stock Exchange on Monday, IMI rebounded to an $806,000 net income attributable to shareholders in the third quarter. This was a reversal from the $6.24 million net loss recorded in the same period a year ago. 

Year-to-date, the company still reported a net loss of $4.71 million. Aside from supply chain woes, IMI absorbed the impact of a weak euro and renminbi, and inflationary pressures within the labor and energy markets. 

Disruptions across the global supply chain also continue to persist, leading to higher costs and expenses that fanned inflation in most countries. 

Revenues in the first nine months grew 7% year-on-year to $1.04 billion. IMI’s automotive and industrial segments both improved 13% and 17% in the first nine months compared to last year’s figures. 

IMI noted its subsidiaries brought home a net income of $3.8 million in the third quarter. On the other hand, subsidiaries such as VIA Optronics and STI Limited landed a net loss of $3 million due to “challenging competitive landscapes.” 

Even then, the Ayala-owned company said it has “shown better operating results” despite supply chain disruptions that continued to hamper the company’s profitability. 

“The company remains focused on the successful ramp-up of recent key wins in the electric vehicle space that are expected to help drive the company’s growth moving forward,” said IMI president Jerome Tan. 

Shares at IMI finished trading on Monday up 2.24% at P5.01 apiece.