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August 9, 2023 | IMIEstimated reading time: 1 minute
Integrated Micro-Electronics, Inc. (IMI) reported US$345 million of revenues in the second quarter of 2023, 3% lower than the same period of the previous year but on par when comparing first-half results. Gross margin improved from 8.1% to 9.6%, with the company posting US$ 33.0 million of gross profit for the quarter. Q2 Net loss is at US$ 82.9 million which includes US$ 84 million of one-off losses related to the divestment of STI Enterprises Limited. Net adjusted net income for the 2nd quarter is US$ 3.5 million.
Through aggressive cost rationalization efforts, and the gradual easing of the component shortage issues, wholly-owned subsidiaries still lead the company’s recovery with US$ 282 million of revenues, a 2.3% quarter-on-quarter growth, with gross margins improving by 33 basis points year-on-year. VIA Optronics and STI met reduced demand as customers depleted existing inventory and pushed out orders. These subsidiaries ended the quarter with US$ 62.8 million in revenues and an adjusted net loss of US$ 1.9 million.
“We have signed an agreement to sell our stake in STI Enterprises Limited to a private investment firm based in London. Geopolitical and industry-wide issues including Brexit, COVID-19 and the component shortage significantly hindered the company’s progress the past few years and we believe that the buyers, Rcapital, are well-equipped to support STI’s turnaround by providing additional funding and synergy opportunities within its portfolio of companies. This divestment will enable IMI to focus resource allocation and management efforts to drive our core businesses in the mobility, industrial, and smart energy markets,” said IMI President Jerome Tan.
“Meanwhile, we continue to push for increased manufacturing efficiency and revenue growth with the right customers. We recently inaugurated the Laguna manufacturing facilities for one of our new partners, Zero Motorcycles, a world-leading EV motorcycle company. We look forward to forging more new partnerships and continue to grow a more profitable IMI,” added IMI CEO, Arthur Tan.
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