Ayala-led IMI's profits surge 209% on biz expansion
MANILA, Philippines - Profits of Ayala-led Integrated Micro-Electronics, Inc. (IMI) surged by more than threefold as of September due to contributions from newly-acquired firms.
The chipmaker booked $4.953 million in the nine months to September from $1.603 million in the same period last year, IMI said in a disclosure to the Philippine Stock Exchange.
Revenues during the period grew 18% to $495.673 million from $420.058 a year ago, while operating expenses increased 10% to $35.854 million from $32.722 million.
"Despite a highly fragile global economy, we expanded our revenues and net income on acquisitions as well as business expansions of key customers," IMI President and Chief Executive Officer Arthur Tan said in the disclosure.
For the third quarter alone, IMI saw its net income balloon 297% to $1.845 million from $465,000 in the same period last year.
Revenues climbed 8% to $170.022 million from $157.587 million, while operating expenses fell 5% to $11.999 million from $12.657 million.
Aside from operations in the Philippines, IMI also has manufacturing sites in Mexico, Singapore, China and in some countries in Europe.