Ayala tech unit posted sharp gains in Q1
Global electronics manufacturer Integrated Micro-Electronics Inc. (IMI) posted sharp gains in its first-quarter net profit on improved operations in China, Europe and the Philippines.
In the first three months, net profit surged to $5 million from only $300,000 in the same period last year, IMI on Wednesday reported to the Philippine Stock Exchange.
IMI, a unit of the Ayala Group and a leading worldwide provider of electronics manufacturing services, reported a 25-percent growth in revenue to $205.7 million in the first quarter.
“With the improving performance of IMI China due to increased demand from customers in the telecommunications infrastructure market, IMI continues on its rapid growth trajectory,” IMI president Arthur Tan said in a statement. “Higher sales and improved production efficiency have amplified the company’s profits.”
IMI China contributed 36 percent to the company’s first quarter revenue amounting to $73.2 million—up by 29 percent from last year.
Also, IMI operations in Europe and Mexico registered a 22-percent year-on-year rise in consolidated revenues to $66.9 million during the same period.
In the Philippines, IMI posted gains of $54.7 million in revenue—29 percent higher year-on-year.
IMI subsidiary PSi Technologies also reported a 5-percent increase in revenue from that of last year.
The company ended the period with a cash position of $61.8 million. Doris C. Dumlao
