Electronics Production | November 10, 2011
IMI post 67 percent net income drop
Ayala-led Integrated Micro-Electronics Inc. said its net income during the first nine months of the year declined by 67% due to higher costs.
”Higher material and direct labor costs... caused margins to decline during the first nine months. This resulted to a consolidated net income of US$1.6 million, 67 percent lower than last year, ” the company said in a statement filed with the Philippine Stock Exchange. The loss in income was despite a 43% growth in revenues to $420.1 million. Arthur Tan, IMI president and chief executive officer, said, “As we continue to expand, we come closer to the compelling realization that we operate in an uncertain and competitive global economy". “We remain financially robust with cash balance of US$44.1 million at the end of the nine-month period,” said Tan.