IMI triples 2014 profit

AYALA-led Integrated Micro-Electronics Inc. reported a “banner” year for 2014 as net profits nearly tripled to $29.1 million from the year before, beating internal targets, on strong global demand for telecommunications and automotive devices.
IMI, one of the world’s leading providers of electronics manufacturing services (EMS) and power semiconductor assembly and test services, reported that revenues last year had expanded by 13 percent to $844.5 million.
Arthur Tan, IMI president and chief executive officer, said in a press statement on Monday: “The year 2014 was a banner year for IMI as we outperformed the EMS industry’s single-digit growth rate and our financial targets. Our global presence and market diversity took advantage of the recovery of the international markets and electronics segments.”
“IMI will continue on a profitable growth track as we continue to grab opportunities for high-value outsourcing in the telecommunications infrastructure, automotive, industrial, and medical electronics markets,” he added.
By geographical segment, operations at IMI China posted $325.6 million in revenues, up by 17.5 percent from the previous year primarily due to volume expansion in the telecommunications segment. IMI said this unit benefitted from China’s 4G rollout that in turn perked up demand for infrastructure devices.
The company’s Europe and Mexico operations contributed 32 percent to the full year revenues. With the sustained expansion of the automotive business in IMI Bulgaria, revenues went up 14.4 percent to $268.6 million year-over-year driven, attributed to the steady growth rate of global automotive production in 2014.
EMS operations in the Philippines recorded $204.9 million in revenues, up by 8.3 percent year-on-year growth on the expansion of businesses in storage device and automotive electronics.
Subsidiary PSi Technologies Inc. posted $44.9 million in revenues, up by 4.3 percent year- over-year on the back of increased demand for power semiconductors.