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Manila Bulletin devider Business devider The Stock Market devider Ayala Group's IMI swings to profitability with $16-million core profit

Ayala Group's IMI swings to profitability with $16-million core profit

Published Nov 7, 2025 03:16 pm
The Ayala Group’s Integrated Micro-Electronics, Inc. (IMI) registered a core net income of $16.4 million in the first nine months of 2025, a significant turnaround from the $ 1.1 million net loss suffered in the same period last year.
IMI, a global leader in electronics manufacturing services, disclosed to the Philippine Stock Exchange that “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.”
Part of these efforts is the recently concluded sale of IMI Czech Republic, which contributed to lowering overhead expenses without sacrificing operational scale.
The turnaround was posted despite an 11 percent decrease in group revenues to $749 million year-to-date from $841 million in the same period of 2024, with core revenues accounting for $679 million, which is lower than the $758 million generated last year.
Core earnings before interest, taxes, depreciation, and amortization remain strong at $49.8 million, representing a 7.3 percent margin.
Third quarter core revenues outpaced the first half’s average run-rate by 4.4 percent, while core fixed overhead costs reduced by eight percent.
Largely driven by the increase in utilization rates across the company’s facilities, 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 also further strengthened its robust balance sheet with healthy cash generation, posting $82.6 million of operating cash flow year-to-date.
The company further reduced loans by $26.2 million in the third quarter, on top of the $34.5 million already repaid in the first half of the year. Net debt is down to $124 million in September from $199 million at the start of the year.
On September 30, IMI announced the consolidation of its two IMI Shenzhen sites into a single facility. This move will optimize overhead costs and drive margin improvement through increased asset utilization and operational efficiency in the region.

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