IMI profit rises 16% in 9 months
In the third quarter, IMI posted a net income of $6.56 million, up 10 percent year on year. File
MANILA, Philippines — Ayala-led leading global manufacturing solutions company Integrated Micro-Electronics Inc. (IMI) reported a 16 percent growth in its nine-month net income to $24.1 million.
In the third quarter, IMI posted a net income of $6.56 million, up 10 percent year on year.
Revenue increased 29 percent to $795.2 million from January to September, driven by recent acquisitions and a rising demand in the automotive and industrial segments.
Arthur Tan, IMI chief executive officer, said the company is now taking the electronics business to the next level.
“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,” Tan said.
Revenues from its operations in Europe and Mexico operations grew 15 percent to $263.4 million due to the 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 company’s China operations registered $198.2 million in revenues, up by only one percent as a result of demand decline in the telecom infrastructure business.
Similarly, Philippine operations increased four percent to $197.9 million amid new industrial applications and despite drop in demand in the security and medical device business.
The two recent acquisitions, VIA Optronics and STI International, contributed $136.2 million to revenues.
IMI specializes in highly reliable and quality electronics for long product life cycle segments such as automotive and industrial electronics.
In the automotive sector, IMI delivers customized solutions for safety and security, among others.
It also supplies cameras that are integral technology to the advanced driver assistance systems (ADAS).
For the industrial segment, IMI manufactures security and access control devices, power modules, and building automation, among others.
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