Ayala-led Integrated Micro-Electronics Inc. (IMI) said its net loss for the first quarter narrowed to $749,000 (P41.19 million) from $2 million (P110 million) last year. Know more:
Ayala-led Integrated Micro-Electronics Inc. said its net loss for the first quarter narrowed to $749,000 from $2 million last year.IMI’s wholly-owned subsidiaries continued to lead the company’s financial rebound with a 7-percent year-on-year revenue growth and $2.6 million of net income in the first quarter, the company said.
“By adjusting our selling prices in collaboration with our customer partners, as well as continued cost reduction initiatives, we are gradually improving the financial performance of the company. Our management teams implemented programs that significantly reduced labor and overhead costs in our operating sites while further driving manufacturing efficiency,” IMI President Jerome Tan said.
IMI said its gross margins improved by 76 basis points, as selling prices are now better aligned with the realities of operating costs in the manufacturing environment.
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