Ayala unit IMI nets $28.8M last year

Ayala-led electronics manufacturing services provider Integrated Micro-Electronics Inc. posted a net profit of $28.8 million last year, flat from the level a year ago, given the challenging global economic landscape.

“We expanded operating margin by 114 basis points and generated $49.8 million of cash flow from operations by focusing on high-margin auto and industrial segments and continued productivity improvements,” IMI president and chief executive Arthur Tan said in a press statement.

IMI identified volatility in the foreign currency markets and weakness in China’s economy as the key factors behind the flat performance versus 2014, when net profit stood at $29.1 million.

In 2015, the company’s consolidated revenues slipped by 4 percent to $814.4 million (P37 billion) mainly due to a weak euro and the downturn in the computing and telecommunications segments.

IMI said the revenue headwinds were offset by strong volume growth in the automotive segment. In particular, its advanced driver assistance systems or ADAS programs (such as automotive camera programs) posted a 66-percent increase in revenues in 2015.

Operations out of China recorded $279.3 million in revenues last year, marking a 14-percent decline from the previous year as the 4G telecommunications network rollout in China reached its projected volume and the consumer electronics segment experienced a slowdown.  Doris Dumlao-Abadilla

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