AYALA-LED Integrated Micro-Electronics Inc. (IMI) managed to narrow its net loss to $9.2 million in the first nine months of 2024 from $85.26 million in the same period last year, even as it continued to navigate uncertainties in the automotive market and as its industrial customers right-sized their inventory levels.
AYALA-LED Integrated Micro-Electronics Inc. managed to narrow its net loss to $9.2 million in the first nine months of 2024 from $85.26 million in the same period last year, even as it continued to navigate uncertainties in the automotive market and as its industrial customers right-sized their inventory levels.'We are navigating the turbulent waters of the electronics market this year with both agility and decisiveness,' IMI Chief Executive Officer Louis Hughes said.
IMI said that VIA had embarked on restructuring initiatives to realign costs with current market conditions, including rightsizing overhead expenses, delisting from the New York Stock Exchange, deregistration from the Securities and Exchange Commission, and scaling down its overall footprint.The company said its US subsidiary, IMI USA, had likewise launched an overseas restructuring program to enhance margins as well as boost profitability and efficiency.
Narrows Net Loss To $9.2M In Jan-Sept
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