IMI sees 33% slump in net profit

Integrated Micro-Electronics Inc. (IMI), the electronics manufacturing arm of listed group Ayala Corp., saw a significant decline in its first-half net profit on the weight of weak capacity utilization in its China facilities.

In a statement, the company said that despite seeing a slight increase in its revenues, its net income for the period still went down 33 percent to $2.1 million, “due primarily to lower capacity utilization in its China facilities.”