IMI grows first-half profit by 173%

Ayala-led electronics manufacturing firm Integrated Micro-Electronics Inc. grew its first semester net profit by 173 percent year-on-year to $3.1 million despite a weak global environment.

The income growth was primarily attributed to IMI’s expansion in Europe and Mexico, increased business from the Philippine operations and reduced operating expenses, the company disclosed to the Philippine Stock Exchange yesterday.

IMI’s consolidated sales revenues improved 24 percent year-on-year to $325.7 million.

“Given the unstable state of developed economies and the slowdown in China, we managed to grow both revenues and income on demand from core customers and acquisitions,” IMI president and chief executive Arthur Tan said.

IMI’s subsidiaries in Europe and Mexico contributed $85.7 million in revenues in the first six months while another subsidiary, PSi Technologies Inc., booked $25 million in sales.