The decline is partly due to selling off STI, which was still part of the group in early 2023, and delays in starting new projects led to lower production, resulting in a gross margin of 8.5 percent. I
To address market challenges, IMI is focusing on higher-value projects and reducing lower-margin ones to improve profitability.
"We have initiated various activities aimed at fortifying our financial health, enhancing operational effectiveness, and delivering greater value to our stakeholders,” Louis Hughes, CEO of IMI, said in a statement.
“These measures include streamlining operations through simplified organizational structures to enhance decision- making agility. We are also focused on eliminating inefficiencies to lower operational costs without compromising the manufacturing quality that defines IMI's reputation as a leader in the [electronics manufacturing services] space,” Hughes added.
