Ayala’s electronics unit incurred $8.8-million loss in first half

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Integrated Micro-Electronics Inc. , the electronics manufacturing unit of the Ayala Group, said Friday it incurred a net loss of $8.8 million in the first half of 2024 on lower revenues.

Aside from continued challenging market conditions, IMI attributed the drop in sales to the divestment of STI and delayed ramp-up of new projects that contributed to lower utilization levels. “Market softness in the industrial sector has affected IMI’s Philippine operations, with reduced demand from end markets delaying customer launches of new models as the supply chain continues to trim down existing inventory levels,” IMI said.

It will also implement rightsizing initiatives as corporate structures are realigned with current business dynamics.

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MlaStandard /  🏆 20. in PH

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