DESPITE a double-digit revenue growth, Ayala-led Integrated Micro-Electronics, Inc. (IMI) closed last year with a net loss of $10.6 million due to a string of factors, including the high cost of raw materials.
In a media release on Wednesday, the company said it posted revenues of $1.3 billion in 2021, up by 15% from the earlier year, despite constraints in its supply chain for the whole year.
“IMI was able to deliver on strong customer demand for electronic products,” it said, adding that key market segments automotive, industrial and aerospace grew 24%, 16%, and 15%, respectively.
No comparative bottom line figure was given in the media release, but the company previously disclosed an after-tax loss of $6.37 million in 2020, and a net loss of $3.46 million attributable to equity holders.
It attributed last year’s net loss to “increased growth and technology-related investments in non wholly-owned subsidiaries, along with high raw material prices and elevated logistics expenses.”
IMI Chief Execuitive Officer Arthur R. Tan said: “Although component shortages and supply chain disruptions have burdened the entire industry this past year, we continue to see strong demand for electronics driving our growth momentum, particularly in key subsegments of electric vehicles and autonomous driving.”
He said the company’s sales teams were able to book $356 million of annual revenue potential in 2021, up 52% from 2020.
“IMI remains committed to delivering high quality, high reliability technology solutions to meet these requirements,” Mr. Tan said.
IMI said wholly owned subsidiaries in 2021 registered revenues of $1 billion, a 16% growth from 2020. It said the business units overcame “immense challenges” last year.
It added that acquired businesses VIA optronics GmbH and STI Ltd. posted revenues of $296 million, up 10% year on year.
“As we pursue further growth in 2022, our focus now is to proactively drive manufacturing efficiency and control costs as the supply situation improves,” Mr. Tan said.
IMI, a unit of Ayala Corp., specializes in electronics for long product life cycle segments such as automotive, industrial electronics and the aerospace market.
On Thursday, shares in the technology and manufacturing solutions company slipped by P0.02 or 0.24% to close at P8.20 each at the stock exchange.
