IMI cuts losses

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    Integrated Micro-electronics Inc. (IMI) pared down its losses in 2020 despite the pandemic to $3.5 million down 55.01 percent from the prior year’s losses of $7.78 million.

    Revenues stood at $1.14 billion, down 8.8 percent from $1.25 billion due to the impact of the new coronavirus 2019 (COVID-19) pandemic.

    IMI said operations are slowly recovering with the company posting its highest quarterly performance in the fourth quarter last year with a revenue of $347 million, an increase of 12 percent from 2019’s.

    “The strong rebound of IMI’s focus segments, along with improved manufacturing efficiency, drove fourth quarter gross margin levels from 7.4 percent in 2019 to 10.3 percent in 2020,” the company said.

    It reported a profit of $ 8.4 million for the quarter.

    Arthur Tan, IMI president, said the global demand for security and I-o-T products boosted industrial revenue while mobility-focused European and North American facilities benefitted from the rapid rise of global automotive production.

    Tan said IMI’s growing foothold in the profitable medical segment also led to increased higher margin sales for its manufacturing plants in Asia.