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Manila Bulletin devider Business devider The Stock Market devider IMI losses balloon to 16 times 2022 level

IMI losses balloon to 16 times 2022 level

Published Apr 3, 2024 08:12 am

Integrated Micro-Electronics Inc. (IMI), the Ayala Group’s semiconductor manufacturing arm, reported that its net loss ballooned to $109.2 million last year, 16 times the loss of $6.8 million in 2022.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its 2023 performance included one-time losses of $106.1 million related to the sale of STI Enterprises Limited and impairment of goodwill and certain assets.

IMI Our-Story-1999_1.jpg

IMI reported total group revenues of $1.3 billion for 2023, six percent lower than the previous year, driven by factors attributable to its non-wholly owned subsidiary group including the shorter fiscal year of STI Enterprises which was divested on Oct. 31, 2023.

Group non-GAAP (generally accepted accounting principles) operating income excluding one-off items was $12 million last year against $9.3 million in 2022.

Meanwhile, IMI’s wholly-owned subsidiaries maintained the momentum from 2022, with revenues on par with the previous year, and better profitability margins netting a reported net income of $13 million, an improvement of 14 percent from 2022.

IMI President Jerome Tan.jpg
IMI President Jerome Tan

“Through intensive collaboration with customer and supplier partners, IMI core businesses were able to build on the recovery of 2022,” said IMI President Jerome Tan.

He noted that “the company is operating with a higher level of efficiency through savings obtained from direct material cost reductions and restructuring of overhead costs as we continue to ramp up new businesses in the EV and energy management projects that we won in the past three years.”

“The audited financial statements for 2023 are preliminarily being released with a qualified independent auditors’ opinion due to scope limitations for VIA,” said IMI.

As VIA is an NYSE-listed company subject to specific disclosure obligations and considering the recently concluded internal review findings by its advisors, BDO AG Wirtschaftsprüfungsgesellschaft and DLA Piper UK LLP, the audits of the 2022 and 2023 financial statements of VIA are currently ongoing.

On the other hand, the audit procedures for all other entities of the IMI Group were completed.

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