IMI Swings to Profit, Completes Sale of Czech Plant

Ayala-led Integrated Micro-Electronics Inc. (IMI) swung to profit in the first half as a result of operational efficiency initiatives and disciplined cost control.

- By RICHMOND MERCURIO

IMI reported a net income of $7.6 million from January to June, a significant turnaround from a net loss of $8.8 million in the same period last year.

Group revenues for the period reached $497 million, with core revenues contributing $446 million.

"Our first half results reflect strong progress toward our group EBITDA margin target, with our core business already delivering a 7.2 percent margin," IMI CEO Louis Hughes said.

IMI said that its cash reserves increased to $123 million, while reducing total debt to $271 million.

"Despite ongoing market softness, we are collaborating closely with customers to optimize material costs and drive profitability. Our focus on operational efficiency remains firm," Hughes said.