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Manila Bulletin devider Business devider IMI losses balloon to $10.6 M

IMI losses balloon to $10.6 M

Published Mar 23, 2022 03:39 pm

Integrated Micro-Electronics, Inc. (IMI) reported a net loss of $10.6 million in 2021, 66 percent more than its net loss of $6.4 million in 2020.

In a disclosure to the Philippine Stock Exchange, the firm said the loss is “due to increased growth and technology-related investments in non wholly-owned subsidiaries, along with high raw material prices and elevated logistics expenses.”

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IMI posted revenues of $1.3 billion in 2021, a 15 percent growth compared to the previous year. Despite supply chain constraints spanning the entire year, IMI was able to deliver on strong customer demand for electronic products.

Focus market segments automotive (up 24 percent), industrial (up 16 percent), and aerospace (up 15 percent) all grew year-on-year.

“Although component shortages and supply chain disruptions have burdened the entire industry this past year, we continue to see strong demand for electronics driving our growth momentum, particularly in key subsegments of electric vehicles and autonomous driving,” said IMI Chief Executive Arthur Tan.

He added that, “Our sales teams were able to book $356 million of annual revenue potential in 2021, an increase of 52 percent from 2020. IMI remains committed to delivering high quality, high reliability technology solutions to meet these requirements.”

Wholly-owned subsidiaries achieved revenues of $1 billion for the year, a 16 percent growth from 2020. Overcoming immense challenges in 2021, these business units remained profitable, earning $6.6 million of net income for the year.

Meanwhile, VIA optronics (VIAO) and Surface Technology International (STI Ltd.) revenues also increased to $296 million, a 10 percent year-on-year growth.

“As we pursue further growth in 2022, our focus now is to proactively drive manufacturing efficiency and control costs as the supply situation improves,” said Tan.

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