Integrated Micro-Electronics Inc. (IMI) posted a $109.2 million loss last year, with one-time losses of $106.1 million related to the sale of unit STI Enterprises Ltd. and impairment of goodwill and certain assets.
Revenues amounted to $1.3 billion, down by 6 percent from the previous year.
IMI said its wholly-owned subsidiaries maintained the momentum from 2022, with revenues on par with the previous year, and better profitability margins netting a reported net income of $13 million, up from 14 percent in 2022.
“Through intensive collaboration with customer and supplier partners, IMI core businesses were able to build on the recovery of 2022,” said Jerome Tan, IMI president.
“The company is operating with a higher level of efficiency through savings obtained from direct material cost reductions and restructuring of overhead costs as we continue to ramp up new businesses in the EV and energy management projects that we won in the past three years,” added Tan.
