Ayala-led IMI's profit surges in first half

ABS-CBN News

Posted at Jul 31 2014 10:41 AM | Updated as of Jul 31 2014 06:41 PM

MANILA, Philippines - Ayala-led Integrated Micro-Electronics Inc. (IMI) reported its net income reached $11.3 million in the first half of the year.

This is more than five times its profit of $2.1 million in the first half of 2013.

IMI, a leading worldwide providers of electronics manufacturing services (EMS) and power semiconductor assembly and test services, said consolidated revenues jumped 23 percent to $431 million in the January to June period.

"We maintain our profitable growth trajectory, driven by increased demand from customers in the telecommunications infrastructure, automotive electronics, and storage device markets. More important, we have a healthy sales pipeline, especially for the automotive segment," said Arthur Tan, IMI president and chief executive officer.

IMI's operations in China showed strong growth, with revenues increasing 32 percent to $161 million in the first half. This was driven by volume expansion for customers in the telecommunications industry.

IMI's operations in Europe and Mexcio generated combined revenues of $137.6 million in the first half, 18 percent higher than a year ago.

IMI’s EMS operations in the Philippines saw revenues grow 25 percent to $110.1 million in the January to June period, on the back of robust storage device assembly business and an upsurge in automotive electronics business.

IMI’s power semiconductor company PSi Technologies Inc. posted $22.1 million in revenues in the first half, 4 percent lower than
slightly lower than last year’s by 4 percent.

"IMI’s strategic focus over the last decade has begun to bear fruit, as we continue to develop new business models as well as high value-add services that fit the dynamic markets we serve today," Tan said.