Integrated Micro-Electronics Inc. (IMI) posted a profit of $451,000 in the first nine months of the year, down from $41.35 million last year.
The company said the reported profit includes a provision for non-recurring deferred expenses of $5.2 million.
Topline hit $939.6 million, 7 percent lower than last year’s $1.01 billion, reflecting the global manufacturing environment where IMI’s businesses are found.
“The persistent slowdown in IMI’s main market segments compounded by various geo-political issues have hindered growth,” it said.
IMI said a “lingering contraction in the automotive space, particularly in China, has brought down customer demand forecasts that led to challenged margins as new manufacturing lines are temporarily underutilized.”
“A gross profit of $79.1 million representing an 8.4 percent margin, is a 26 percent decline versus the same period last year,” it added.
It however booked $295 million worth of new orders in the pipeline on a year-to-date basis.
IMI said its wholly-owned businesses posted revenues of $755.2 million, down 3 percent from the same period last year, as China’s domestic market challenges proved to be the biggest drag. IMI’s factories in the region showed a 22 percent decline versus the same period in 2018.