IMI slumps to loss in 3rd quarter

19 Nov 2019
INTEGRATED Micro-Electronics, Inc. (IMI) slumped to a net loss in the third quarter as it continued facing a global slowdown in its main market segments.
The Ayala-led manufacturing firm reported yesterday an attributable net loss of $5.33 million in the three months ending September, a turnaround from the $9.78 million attributable net income it posted in the same period last year.
Revenues in the three-month period declined 11% to $303.88 million, alongside an 8% drop in cost of sales to $281.74 million.
Year to date, IMI’s attributable net income was slashed to $451,000 from $41.35 million last year. Revenues in the three quarters slipped 7% to $939.57 million, while cost of sales dropped 5% to $860.48 million.
In a statement, the company pointed to the industry slowdown and various geopolitical issues that dragged its performance during the period.
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