IMI profit IN Q1 rose by 33%

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.

The group has manufacturing plants in the United States, Mexico, Bulgaria, Czech Republic, Germany, China, and the Philippines.

In the automotive segment, it is the sixth largest EMS provider in the world, based on New Venture Research. —DORIS DUMLAO-ABADILLA