Ayala Corp's IMI H1 net profit down

ABS-CBN News

Posted at Aug 05 2010 02:02 PM | Updated as of Aug 05 2010 10:02 PM

MANILA, Philippines - Ayala-owned Integrated Micro-Electronics Inc. (IMI) said its net profit in the first half declined to $4.7 million from $6 million in 2009.

It said last year's first semester earnings included a non-recurring insurance gain.

IMI said the company ended the six months to June with an 11% increase in revenues at $188.8 million as the electronics industry continues to rebound from the global financial crisis. In the second quarter, its revenues rose by 9% from the previous quarter to $98.3 million.

"Larger orders from our major customers in the storage device, telecommunication infrastructure, automotive, consumer, and industrial electronics markets have buoyed our revenues. These customers experienced a rise in the demand for their products," said IMI President and CEO Arthur Tan.

The company's operations in China and Singapore posted $116.3 million in revenues in the first half, a 19% year-on-year growth. These accounted for 62% of IMI's total revenues. The Philippine operations were flat at $72.4 million in revenues.

IMI is ranked among the top 30 electronic manufacturing services providers in the world.

Shares of IMI which were listed at the Philippine Stock Exchange on January 21, 2010, ended up 0.5% higher at P11.20 on Thursday.