Integrated Micro Electronics, Inc. Core Business Maintains Path to Recovery with US$13 Million in Net Income in 2023

Integrated Micro-Electronics, Inc. (IMI) reports overall group revenues of US$1.3 billion, 6% lower than the previous year, driven by factors attributed to its non-wholly owned subsidiary group, notably STI Enterprises Limited's shorter fiscal year, which was divested on October 31, 2023.

The group's net loss was US$109.2 million, including one-time losses of US$106.1 million from the sale of STI and impairment of goodwill and certain assets. Non-GAAP operating income for the group, excluding one-time charges, was $12 million, up from $9.3 million in 2022. Meanwhile, wholly-owned subsidiaries maintained the pace in 2022, with revenues comparable to the previous year and higher profitability margins resulting in a reported net income of US$13 million, a 14% increase over 2022.

“Through intensive collaboration with customer and supplier partners, IMI core businesses were able to build on the recovery of 2022. The company is operating with a higher level of efficiency through savings obtained from direct material cost reductions and restructuring of overhead costs as we continue to ramp up new businesses in the EV and energy management projects that we won in the past three years,” said IMI President Jerome Tan.

Integrated Micro-Electronics, Inc. (IMI), the manufacturing arm of AC Industrial Technology Holdings, Inc., a wholly-owned subsidiary of Ayala Corporation, is among the leading global technology and manufacturing solutions expert in the world. Based on 2022 revenues, IMI ranks among the top 25 EMS service providers in the world per Manufacturing Market Insider, and is among the top ten automotive EMS companies per New Venture Research.

IMI specializes in highly reliable and quality electronics for long product life cycle segments such as automotive, industrial electronics and more recently, the aerospace market.

​From its 18 manufacturing plants across ten countries, IMI provides engineering, manufacturing, and support and fulfillment capabilities to diverse industries globally.