Integrated Micro-Electronics Inc. (IMI) posted losses of $11.9 million over revenues of $789 million.
“IMI’s diverse expertise across multiple business segments, along with our wide geographical footprint, has allowed us to rebound from the pandemic stronger and faster than market expectations. With the industry’s global bounce-back only beginning, there is still work to be done but our core long term strategies have positioned us well to take advantage of opportunities that the new normal brings,” said Arthur Tan, IMI president.
IMI said it achieved a 42 percent quarter-on-quarter growth, exceeding pre-pandemic revenue levels with a 3 percent improvement versus the third quarter of 2019. With target segments automotive, industrial, aerospace, and medical leading the company’s rebound, IMI closed the quarter strongly with $9.6 million of net income, including a $2.4 million one-off gain.
IMI’s wholly-owned businesses improved to $239 million of revenue in the third quarter, a 30 percent increase from the first half average. The company said that as US-China trade tensions slowed down the strong performance of the telecom sector in the first half, the return of automotive and industrial demand compensated for the decline. The company also continues to gain business in the medical sector as demand for healthcare solutions rises.
The non-wholly owned subsidiaries Via Optronics and STI Ltd., meanwhile posted $74 million of combined revenue in the 3rd quarter, up 35 percent from the first half average.
The company said its subsidiaries are buoyed by demand from segments that establish support for the new normal: consumer mobile devices for study-from-home and work-from-home arrangements, along with ventilators and other medical products as countries continue the fight against COVID-19.