IMI 9-month profit soars to $21M

Ayala-led Integrated Micro-Electronics Inc. (IMI) quadrupled its net profit in the first nine months year-on-year to $21 million as communication and automotive businesses buoyed revenues from global operations.

The bulk of the profit was generated in the third quarter, during which IMI – which is embarking on a P3-billion public offering – booked $9.73 million in net profit or three times the level in the same period last year.

IMI, one of the leading worldwide providers of electronics manufacturing services and power semiconductor assembly and test services, announced on Thursday a 19-percent year-on-year rise in its consolidated revenue for the nine-month period to $650.1 million. Communication and automotive businesses contributed 70 percent to the total increase.

“Despite continued volatility in the global markets, IMI maintains a profitable growth as it is naturally hedged by the diversity of its markets served and locations in which it operates,” IMI president Arthur Tan said in a press statement.

For the nine-month period, IMI’s China operations generated $246.3 million in revenue, 25 percent higher than the year-ago level due mainly to volume expansion for main customers in the telecommunications segment. The China operations accounted for 38 percent of IMI’s total revenues.

“The Chinese economy, despite the slowdown, manages itself well,” Tan explained. “Its 4G rollout has commenced, which benefits IMI from the standpoint of increased demand for telecommunications infrastructure devices.”

Revenues from the company’s Europe and Mexico operations continued to increase with the sustained expansion of the automotive business in IMI’s factory in Bulgaria. Tan noted that the “European electronics brands remain strong, driven by rising demand in automotive electronics.”