caLogo

BINAN, PHILIPPINES – Integrated Micro-Electronics, Inc. (IMI) reported second quarter revenue of $220.4 million, down 54% year-over-year.

Net loss was $16.9 million, compared to net profit of $5.5 million in the second quarter of 2019.

The decline is attributed to the Covid-19 pandemic and corresponding lockdowns, according to reports. Several plants shut down because of the Covid-19 pandemic, particularly in the Philippines, China and Mexico. Plants in Bulgaria and Czech Republic were on reduced work schedules.

For the first six months of 2020, revenues were down $312.7 million, and net loss was $21.5 million, compared to net profit of $5.8 million for the same period last year.

IMI expects to start recovering during the second half of 2020.

“IMI expects a steady improvement in the second half of the year, as revised customer forecasts indicate a better recovery than initially expected,” said CEO Arthur R. Tan. “The project pipeline continues to be active with $175 million of new business wins despite the business constraints brought about by the pandemic.”

Register now for PCB West Virtual 2020, the leading conference and exhibition for the printed circuit board industry, coming this September. pcbwest.com  



Submit to FacebookSubmit to Google PlusSubmit to TwitterSubmit to LinkedInPrint Article