IMI Posts H1 Revenue Down 5%
MANILA – Integrated Micro-Electronics reported first-half consolidated revenues down 5% to $636 million. Net income was $5.8 million, down 81.6% year-over-year. IMI’s core businesses ended the first half with revenues at $506 million, down 17.5% year-over-year.
IMI’s first-half earnings were negatively affected by the slowdown in the global economy and the automotive market as a result of the US-China trade war and Brexit, according to reports.
IMI experienced lower volume demand on new programs and was affected by component shortages, in addition to delays of new generation chipsets affecting Via Optronics.
“With significant investments for new technology projects made in the past years, IMI remains ready to serve the upcoming surge in the global electronics market,” said president and COO Gilles Bernard. “Unfortunately, political and economic market factors are currently holding back the revenue growth, while also affecting the profitability of the company.
“We shall continue to ensure efficiency as we progress through the extended ramp-up cycles of these high complexity electronic segments.”
“Several electronics segments are undergoing major overhauls as they shift to next-generation platforms,” said CEO Arthur Tan. “From autonomous and electric vehicle technologies, to 5G infrastructure in telecom, and to power module applications required across all segments, IMI is entrenched and ready to serve all these emerging technologies.”
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