LISTED Ionics Inc. is setting aside a significant amount of capital expenditure for the next year to beef up its production ensemble.
In a disclosure on Tuesday, the electronic manufacturing firm said it had approved its 2020 budget of $10.45 million (P543 million) to acquire additional manufacturing equipment.
No other information on specific items to be bought was provided yet.
Ionics, in the same disclosure, announced that Rizaldy Capulong would be replacing Diana Pardo-Aguilar as its director following the latter’s resignation.
Ionics was incorporated as Ionics Circuits in 1982, beginning consignment manufacturing in 1987. It has diversified since, manufacturing electronic components and equipment for the telecommunication, automotive, computer, consumer, plastic and medical industries.
Ionics’ subsidiaries include Ionics Properties Inc., Ionics Circuits Ltd. and Iomni Precision Inc.
In August, the electronics company said it increased the capital stock of Ionics Properties
from P100 million to P750 million, along with the declaration of P180-million stock dividends in line with the hike.
In the same month, the company authorized equity restructuring of Iomni Precision to write off its deficit.
The first six months of Ionics’ consolidated net income dropped by 6.61 percent to $1.98 million (P103 million) from $2.12 million (P110 million) in the previous year as both revenues and expenses grew.
Total revenues hiked by 3.35 percent to $29.73 million (P1.55 billion), while expenses rose by 3.43 percent to $27.38 million (P1.42 billion) in the first two quarters.