IMI triples 9-month profit

MANILA, Philippines—Ayala-led Integrated Micro-Electronics Inc. tripled its nine-month net profit year on year due mainly to its expansion in Europe and Mexico, better utilization of China plants and the reduction in overall expenses.

IMI, a leading worldwide provider of electronics manufacturing services and power semiconductor assembly and test services, posted a net profit of $5 million in January to September. This was up by 209 percent from $1.6 million posted in the same level last year.

Its nine-month consolidated sales revenues rose by 18 percent year on year to $495.7 million.

“Despite a highly fragile global economy, we expanded our revenues and net income on acquisitions as well as business expansions of key customers,” IMI president and chief executive officer Arthur Tan said in a statement.

Newly acquired subsidiaries in Europe and Mexico recorded $131.7 million in revenue in the first nine months while another subsidiary, PSi Technologies Inc., contributed $36.8 million.

The company’s operations in China and Singapore posted $210.6 million in combined revenue, 1.5 percent lower year on year due to reduced volume in a telecommunication infrastructure program and delay in the production of new models for an industrial electronics program.