IMI profit down 81.6% in Jan-June

LISTED Integrated Micro-Electronics Inc. (IMI) saw its net income drop to $5.8 million in the first six months of 2019 amid challenges faced in the market. In a filing on Thursday, the Ayala-led manufacturing-solutions provider said the figure was an 81.6-percent plunge from the $31.6 million recorded in the same period last year. Consolidated revenues, it added, also fell by 5 percent to $636 million from $668.8 million year-on-year. IMI said its “profitability remains challenged by a lower volume demand on our new programs, where we have invested additional fixed overhead, the persistent component shortages which drove higher material prices, and the delays of new generation chipsets affecting Via Optronics revenues.” Shares of IMI fell by 30 centavos or 3.16 percent to close at P9.20 apiece on Thursday.