IMI nets $24M

IMI chief executive officer Arthur Tan

Ayala-led electronics manufacturer Integrated Micro-Electronics Inc. (IMI) booked a 16-percent growth in nine-month net profit to $24.1 million, driven by new acquisitions and a double-digit growth in business out of Europe and Mexico.

IMI posted $795.2 million in revenues for the first nine months, an increase of 29 percent year-on-year, attributed to the positive effect of recent acquisitions and a rising demand in the automotive and industrial segments.

“IMI today is different from the IMI more than 10 years ago in the way we do things. We are now in the forefront of taking electronics to the next level penetrating high reliability markets and moving forward to a more advanced automotive electrification and autonomous driving,” IMI chief executive officer Arthur Tan said in a disclosure to the Philippine Stock Exchange on Friday.

Revenues from Europe and Mexico operations surged by 15 percent year-on-year to $263.4 million in the first nine months. The company said this performance was driven by “increasing demand for automotive lighting, an innovative global megatrend for safety and performance.”

“Ongoing expansions and new product introduction carried out in Mexico plant to support North America requirements also bolstered the group revenues,” the disclosure said.

Philippine operations increased by 4 percent year-on-year to $197.9 million on the back of demand for new industrial applications that made up for the slack in demand for security and medical devices.

The company’s China operations posted $198.2 million in revenues, up 1 percent year-on-year.

A decline in demand for the telecom infrastructure business was offset by positive growth in automotive and industrial segments.

The two recent acquisitions, VIA Optronics and STI International, contributed a combined $136.2 million in revenues.

Via Optronics Gmbh of Germany is a leading provider of outdoor display solutions including touch screens while STI International is a UK-based electronics design and manufacturing firm.

“We continue to gain momentum as the synergistic effects of our recent acquisitions kick in,” IMI president and chief operating officer Gilles Bernard said.

“As IMI builds its competence around the next generation of technologies in high value markets, we will be more involved in the ever evolving global value chains in the automotive, industrial and aerospace markets,” Bernard added.