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Richmond Mercurio - The Philippine Star
March 16, 2025 | 12:00am
IMI’s board has approved the amendment to the second article of the company’s articles of incorporation to include in the primary purpose activities such as providing warehousing or logistics support services.
Businessworld / File
MANILA, Philippines — Ayala-led Integrated Micro-Electronics Inc. (IMI) is looking to expand its services as the company works its way toward profitability after significantly cutting its losses in 2024.
IMI’s board has approved the amendment to the second article of the company’s articles of incorporation to include in the primary purpose activities such as providing warehousing or logistics support services.
“This allows the company to provide additional services such as warehousing/logistics support services, particularly importation/procurement, storage, deposit, inventory management of goods for subsequent sales, transfers or dispositions to clients, interested establishments, agencies and/or export enterprises,” IMI said.
The global electronics manufacturing solutions company said the amendment would be undertaken to consider the additional activities for potential future transactions other than purely manufacturing as well as to accommodate requests from customers.
The amendment will be presented to IMI stockholders for approval at their annual meeting on April 22.
IMI reported a core net loss of $24.6 million in 2024 due to the one-time expenses related to restructuring activities, along with additional provisioning in the company’s balance sheet.
An additional $11.9 million related to impairment of goodwill from its non-core subsidiary was likewise recorded last year.
Last year’s losses were lower from IMI’s group net loss of $109.2 million incurred in 2023.
IMI said that without the one-time expenses, adjusted net income for wholly owned subsidiaries came in at $3.7 million.
Revenues, meanwhile, reached $1.1 billion in 2024, with $981 million generated from its core businesses.
“The year 2024 was a transformative year for IMI as we took decisive steps to position the company for sustainable growth in a rapidly evolving market. While the restructuring efforts resulted in one-time expenses, they were essential to creating a leaner, more agile organization,” IMI CEO Louis Hughes said.
“We are already starting to see positive results from our initiatives and we are looking forward to seeing the full effect of these actions in the years to come,” he said.
IMI undertook a comprehensive restructuring initiative under the leadership of Hughes to align with shifting market dynamics and to position the company for sustainable profitability.
IMI streamlined its management structure by flattening the organizational hierarchy and enhancing accountability at all levels.
Further, the company optimized its global footprint by closing and rationalizing facilities in California, Malaysia, Singapore, Japan and Chengdu.
“One of our goals now is to extend this expertise and absolute commitment to quality into new markets including the industrial and medical sectors. We believe that this direction will allow us to unlock more opportunities for sustainable and profitable growth for IMI,” Hughes said.
“As we move into 2025, our highly motivated team is energized by the opportunities ahead and we remain dedicated to delivering value to our customers, employees and shareholders,” he said.
