IMI Core Business Sustains Path to Recovery with $13 Million of Net Income for the Year

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Integrated Micro-Electronics, Inc. (IMI) reports total group revenues of US$1.3 billion, 6% lower than the previous year, driven by factors attributable to its non-wholly owned subsidiary group including the shorter fiscal year of STI Enterprises Limited which was divested on October 31, 2023. Group net loss was at US$109.2 million, with one-time losses of US$106.1 related to the sale of STI and impairment of goodwill and certain assets. Group non-GAAP operating income excluding one-off items was US$12.0 million vs US$9.3 million in 2022. Meanwhile, wholly-owned subsidiaries maintained the momentum from 2022, with revenues on par with the previous year, and better profitability margins netting a reported net income of US$13 million, an improvement of 14 percent vs 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.

The audited financial statements for 2023 are preliminarily being released with a qualified independent auditors’ opinion due to scope limitations for VIA. As VIA is an NYSE-listed company subject to specific disclosure obligations and considering the recently concluded internal review findings by its advisors, BDO AG Wirtschaftsprüfungsgesellschaft and DLA Piper UK LLP, the audits of the 2022 and 2023  financial statements of VIA are currently ongoing. On the other hand, the audit procedures for all other entities of the IMI Group were completed. Appropriate amendments will be made and disclosed upon public disclosure of information by VIA.