INTEGRATED Micro-Electronics Inc. (IMI) said it posted a loss of $4.6 million in the first quarter of the year, a reversal from a $335 million profit last year.
Revenues reached $255.81 million, down 20.8 percent from P$323.05 million last year as the company manages the global fallout from the new coronavirus disease 2019 (COVID-19) outbreak.
IMI said the government-mandated shutdowns of its Chinese facilities in February, and the enhanced community quarantine in the Philippines dragged its Asian operations’ revenues by 20 percent to $105 million.
“Operating sites in Europe and North America, on the other hand, remained fully operational throughout the first quarter, but declined 15 percent in revenues as they contended with market disruptions in the global supply chain,” it said.
IMI said since successfully returning to full operational capacity in early March, operating sites in China have seen “growth in demand for products used in medical equipment and 5G telecom infrastructure.”
“While the overall market environment is challenging, IMI is pursuing additional business opportunities, particularly in the medical and telecommunications segments,” the company said.
“IMI’s robust business continuity protocols allow us to smoothly adapt our operations to current circumstances while ensuring the health and safety of our employees.
