LAGUNA, PHILLIPPINES – Integrated Micro-Electronics reported profits plunged 94% on flat revenues in the first quarter, as a result of higher input costs and the general slowdown of the global market.

IMI said net income attributable to parent company Ayala reached $335 million from January to March, and revenues were flat year-over-year at $323 million.

The automotive, industrial, and aerospace segments expanded 27% to $168 million, 10% to $68 million, and 6% to $13 million, respectively. These units account for about 77% of the firm’s total revenues. The consumer segment dropped 59%, while telecom fell 12%, dragged by delays in new project awards and the economic slowdown in China.

“As we continue to address the short-term challenges in our supply markets, we remain aggressive in executing our efficiency initiatives to align our cost structure with uncertain external environment and ensure the stability of all our businesses,” IMI president and COO Gilles Bernard said in a press release.

• Prev
• Next