Integrated Micro-Electronics’ profit grew 128% in Q1

MANILA, Philippines — The Ayala-led Integrated Micro-Electronics hiked its first quarter profit by 128 percent to $853,900 year-on-year due to the company’s business expansion in Europe and Mexico alongside the reduction in operating expenses.

IMI, a leading worldwide provider of electronics manufacturing services (EMS) and power semiconductor assembly and test services (SATS), grew its consolidated sales revenues by 24 percent to $152 million during the first three months year-on-year.

“With our company’s implementation of a global geographic expansion, we have realized a diversity in markets and operations. A healthy mix of customers and programs has cushioned the effects on our financial performance of the global electronics industry slowdown,” said IMI president and chief executive officer Arthur Tan.

IMI’s subsidiaries in Europe and Mexico contributed $40.9 million in revenues in the first quarter.

Meanwhile, the company’s operations in China and Singapore posted $61.7 million in combined revenues, a decline of 5 percent year-on-year due primarily to a reduction in turnkey sales to a customer in the telecommunication infrastructure market.

IMI’s Philippine operations generated $38.2 million revenues, 4 percent higher year-on-year growth because of strong programs in the consumer and automotive segments.

PSi Technologies, Inc., a subsidiary of IMI, recorded $10.9 million in revenues.

“We remain financially stable with a cash balance of $50.5 million at the end of the first quarter of this year,” said Tan.

“In an environment of fragile global economic expansion, we are confident that we will grow our business for the rest of the year,” Tan added.

For 2012, Tan said IMI had a robust sales pipeline for the automotive, industrial, consumer, and renewable energy markets.

“We expect more business in Asia given the economists’ outlook of high growth rate for China and the rest of emerging Asia. Likewise, we will tap into our broader global footprint and expanded technical capability to take advantage of improving economies like Japan, the United States, Germany, and France,” he said.