IMI trims net loss in Jan-March

By VG Cabuag @villygc

Ayala-led Integrated Microelectronics Inc. (IMI) said its net loss for the first quarter narrowed to $749,000 (P41.19 million) from $2 million (P110 million) last year.

The company said revenues rose 4 percent to $346.82 million from last year’s $333.95 million.

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

ACEN bags long-term service deals

ACeN australia, the platform representing aCeN Corp.’s renewable energy (r e) assets in au stralia, has secured two long-term energy service agreements for its solar projects in New South Wales (NSW) government’s first r e and storage auction.

On Monday, aCeN said in a disclosure to the stock exchange that the 20-year long Term energy Service agreements (lTeSas) were awarded to its 720 megawatts (MW) New england Solar project and 400 MW Stubbo Solar project. These were secured through the NSW Consumer Trustee’s inaugural tender for renewable generation and long duration storage.

New england Solar and Stubbo Solar will supply r e to 435,000 homes, helping to meet the NSW government’s emissions reduction target of 50 percent by 2030.

aCeN australia CeO a nton rohner said the lTeSas help encourage investment in the renewables and storage capacity necessary to accelerate the transition to clean, affordable power for australians. “The lTeSas offer the rights to access a minimum price for generation projects over a 20-year timeframe, which protects investors like us from the risk of unexpectedly low wholesale electricity prices,” he said. Lenie Lectura quarter, the company said.

The manufacturing industry, it said, is still feeling the effects of the component shortage, but with some modest improvements in lead times and purchase price variance.

“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.

He said the company continues to address the issues related to elevated raw material costs and competitive labor markets, as it remains vigilant of other uncertainties in the industry.

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.

Overhead cost metrics are further helped by topline growth as the company saw better utilization of IMI manufacturing facilities.

Meanwhile, VI a Optronics and

STI l i mited continue to face significant headwinds in their market segments. The two companies were able to reduce their net loss to $3.4 million from $5.3 million in 2022.

“We will be launching the production of multiple electric vehiclerelated projects over the next two years and we continue to look for opportunities to secure market share in the eV space through our robust sales pipeline. We believe that our partnership with Zero Motorcycles, a market leader in electric motorcycles based in California, will solidify our position as a partner of choice in this emerging technology,” Tan said.