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Manila Bulletin devider Business devider The Stock Market devider Ayala Group's IMI slashes first-half losses

Ayala Group's IMI slashes first-half losses

Published Aug 4, 2024 10:03 pm

The Ayala Group’s tech manufacturing arm, Integrated Micro-Electronics, Inc. (IMI), reported a net loss of $8.8 million for the first half of 2024, down from $86.18 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, IMI reported group revenues of $566 million for the first half of 2024, an 18 percent decline from the $692 million generated in the same period last year. 

“This decrease is partly attributed to the divestment of STI Enterprises Limited, which was still part of the group in early 2023. 

“The delayed ramp-up of new projects also contributed to lower utilization levels, resulting in a first half gross margin of 8.5 percent,” the firm.

While its wholly-owned subsidiaries have remained net positive, IMI said non-core activities continue to face challenges for the period. 

Market softness in the industrial sector has affected IMI's Philippine operations, with reduced demand from end markets delaying customer launches of new models as the supply chain continues to trim down existing inventory levels. 

In response, IMI said it continues to optimize its customer portfolio by reducing involvement in lower-margin projects, aiming to enhance profitability and focus on higher-value opportunities within its pipeline.

Rightsizing initiatives have helped mitigate revenue declines as corporate structures are realigned with current business dynamics.

"We have initiated various activities aimed at fortifying our financial health, enhancing operational effectiveness, and delivering greater value to our stakeholders,” said IMIM Chief Executive Louis Hughes.

He noted that, “These measures include streamlining operations through simplified organizational structures to enhance decision-making agility. 

“We are also focused on eliminating inefficiencies to lower operational costs without compromising the manufacturing quality that defines IMI's reputation as a leader in the EMS space. 

“Our management teams are actively leveraging IMI's core competencies by sharpening focus on target business areas and reallocating resources toward high-growth, high-margin segments," Hughes added.

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Integrated Micro-Electronics Inc. Louis Hughes
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