Integrated Micro-Electronics Inc. (IMI) reduced its loss in the first quarter of the year to $749,000 from $2 million last year.
Revenues reached $347 million, a 4 percent increase from last year’s $333.65 million.
Gross margin improved from 6.5 percent to 8.5 percent, with the company posting $29.4 million of gross profit for the quarter, IMI said.
“With the manufacturing industry still feeling the effects of the component shortage, albeit with some modest improvements in lead times and purchase price variance, IMI wholly-owned subsidiaries continue to lead the company’s financial rebound with 7 percent of year-on-year revenue growth and $2.6 million of net income in the first quarter,” the company said.
This was mainly driven by a 76 basis points improvement of gross margins, as selling prices are now better aligned with the realities of operating costs in the manufacturing environment, it added.
IMI said overhead cost metrics are further helped by topline growth as it saw better utilization of IMI manufacturing facilities.
Unit VIA Optronics and STI Ltd. continue to face significant headwinds in their market segments but still manage to reduce their net loss from $5.3 million in 2022 to $3.4 million in 2023, IMI said.
