Ayala-led Integrated Micro-Electronics Inc. (IMI) said its net loss widened to $109.19 million last year from $6.75 million in the previous year.
The company said its financial results included one-time losses of $106.1 million related to the sale of STI Enterprises Ltd. which was divested on October 31, and impairment of goodwill and certain assets.
IMI said its revenues was 6 percent lower to $1.32 billion, from $1.4 billion in the previous year, driven by factors attributable to its non-wholly owned subsidiary group including the shorter fiscal year of STI.
“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,” IMI president Jerome Tan said
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, the company said.
IMI announced last February that Arthur R. Tan will no longer continue as chief executive officer of the company when his term expires on April 25.
In a special board meeting, IMI’s board has approved the CEO transition plan. Its board identified and vetted Lou Hughes as a candidate for the role of the company’s chief executive.