Integrated Micro-Electronics Inc. reported Friday a wider net loss of USD3.67 million in the first quarter, dragged down by weaker revenue, higher interest expenses and bank charges, and wider foreign exchange losses.
First-quarter revenue dropped 16 percent to USD290.1 million due partly to the divestment last year of STI.
IMI said the automotive segment continues its path to recovery led by the European market, pushing first-quarter revenue higher by 6 percent.
On the other hand, the industrial segment remains challenged as IMI clients are still seeing softness in their end-consumer markets. This has delayed the depletion of existing stocks in the supply chain and reduced ordering across this space for IMI.
Pockets of component shortages remain for certain parts, leading to business backlogs that will be cleared as the availability of materials continues to normalize.
