IMI nets $8.7M

Ayala-led electronics manufacturer Integrated Micro-Electronics Inc. (IMI) grew its first quarter net profit last year by 33 percent year-on-year to $8.7 million on strong demand from the automotive and industrial sectors alongside better margins.

Revenues expanded by 18 percent year-on-year to $235.9 million, IMI disclosed to the Philippine Stock Exchange on Thursday.

The country’s gross profit margins improved to 12.2 percent from 10.5 percent.

“Our net income for the quarter increased year-on-year as we continue to explore the limits of our customer base for emerging trends, as well as unfulfilled needs and opportunities,” IMI chief executive officer Arthur Tan said.

Combined IMI Europe’s operations generated $66.5 million revenues in the first quarter, marking a 17.8 percent improvement year-on-year mainly from automotive lighting applications.

IMI’s site in Mexico generated $19.2 million in revenues, rising by 13.3 percent on the back of increasing demand for key industrial and automotive businesses.

The electronics manufacturing service (EMS) operations in the Philippines posted $57.1 million in revenues, up by 11.1 percent year-on-year, on the back of higher automotive camera sales. The semiconductor assembly and test subsidiary, on the other hand, delivered $8.8 million, marking a 13.7-percent growth from last year.

On the other hand, IMI China’s revenues fell by 9 percent year-on-year to $60.6 million, attributed to the drop in demand for the telecom infrastructure business.

Newly-acquired Via Optronics GmbH (VIA) reported a revenue growth of $23.9 million.