BINAN, PHILIPPINES – Integrated Micro-Electronics, Inc. (IMI) reported second quarter revenue of $220.4 million, down 54% year-over-year.
Net loss was $16.9 million, compared to net profit of $5.5 million in the second quarter of 2019.
The decline is attributed to the Covid-19 pandemic and corresponding lockdowns, according to reports. Several plants shut down because of the Covid-19 pandemic, particularly in the Philippines, China and Mexico. Plants in Bulgaria and Czech Republic were on reduced work schedules.
For the first six months of 2020, revenues were down $312.7 million, and net loss was $21.5 million, compared to net profit of $5.8 million for the same period last year.
IMI expects to start recovering during the second half of 2020.
“IMI expects a steady improvement in the second half of the year, as revised customer forecasts indicate a better recovery than initially expected,” said CEO Arthur R. Tan. “The project pipeline continues to be active with $175 million of new business wins despite the business constraints brought about by the pandemic.”