IMI’s H1 net profit up 35% to $15.2M
AYALA-led Integrated Micro-Electronics Inc. grew its first semester net profit by 35 percent year-on-year to $15.2 million on the back of operational improvements, enhanced portfolio mix and cost-saving measures.
“Despite foreign exchange headwinds, we managed to post an increase in our profit in the first half of the year. We kept our focus on higher margin segments as we persistently improved manufacturing line productivity,” IMI president Arthur Tan said in a press statement on Wednesday.
Six-month revenues declined by 3 percent year-on-year to $416.3 million, attributed by IMI to a weak euro coupled with slowdown in demand for mature products in the computing sector.
“Excluding the impact of year over year changes in foreign exchange rates, revenues would have been 2.4 percent higher,” Tan said.
The company’s European and Mexican operations recorded combined first half revenues of $137.6 million, at par with last year, as the persistent weakness of the euro had subdued the otherwise robust growth of the automotive segment.
IMI China’s $146.1 million revenues declined by 9 percent year-on-year on lower volume for its telecommunications infrastructure programs.
Operations in the Philippines generated revenues of $109.5 million, relatively flat from
last year, as the growing services for automotive segment and backlog recoveries from
industrial customers had offset the anticipated slowdown in demand for computer peripherals.
“Moving forward, we are confident that the company will benefit from the positive
outlook for the advanced economies for this year and 2016. Our healthy pipeline will soon
translate to new businesses, especially in the automotive and industrial segments,” Tan said.
IMI is one of the leading global providers of electronics manufacturing services (EMS) and power semiconductor assembly and test services with manufacturing facilities in Asia, Europe, and North America.
A subsidiary of Ayala Corp., IMI ranks 18th on the latest list of Manufacturing Market Insider for the top 50 EMS providers in the world based on the 2014 EMS-related revenues of companies.
