IMI income up 33% in Q1

MANILA, Philippines -  Integrated Micro-Electronics Inc. (IMI) of the Ayala Group grew its net income 33 percent in the first quarter behind strong revenue growth and better gross profit margins.

In a statement, IMI said profit for the period reached $8.7 million (P434.1 million), up from the last year’s $6.54 million (P326.32 million).

Consolidated revenues, meanwhile, grew 18 percent to $235.9 million (P11.8 billion from $201.62 million (P10.9 billion).

IMI said the strong net income performance was led mainly by the company’s continuous focus on its core markets of automotive and industrial.

“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 CEO Arthur Tan said.

Combined IMI Europe’s operations generated $66.5 million revenues in the first quarter, a 17.8 percent improvement year-on-year mainly from automotive lighting applications.

The company’s Mexico site generated $19.2 million revenues, higher by 13.3 percent due to increasing demand for its key industrial and automotive businesses.

The EMS operations in the Philippines posted $57.1 million in revenues, an increase of 11.1 percent from that of the same period last year due to higher automotive camera sales, while the company’s semiconductor assembly and test subsidiary delivered $8.8 million, a growth of 13.7 percent from last year.

IMI China’s $60.6 million revenues, however, was a nine percent reduction year-on-year as a result of a drop in demand for the telecom infrastructure business.

“IMI delivered solid first quarter results due to growing industry trends and expanding portfolio, riding high on the strong performance of our high-margin businesses with higher revenues from our focus markets, IMI president Gilles Bernard said.

“Our recent acquisitions, as well as our continued efforts to build and enhance quality in our operations and the establishment of a more solid corporate culture are testaments to such strong results.” Bernard added.