Ayala-led IMI profit hits $5.4-M in 2012
MANILA, Philippines - Ayala-led Integrated Micro-Electronics Inc. (IMI) posted a consolidated net income of $5.4 million in 2012, 64% higher than the $3.3 million it posted the year before.
IMI, a worldwide provider of electronics manufacturing services and power semiconductor assembly and test services, said its consolidated sales revenues jumped 15% to $661.8million in 2012, on acquisitions and business expansion of key customers.
IMI said its margins were affected by slow global economic growth, lower capacity utilization and higher labor costs.
"IMI generally performed much better last year than it did in the previous year in spite of the very daunting global economic scenario. More important, we have begun to see the synergies we were expecting from our acquired entities," Arthur Tan, IMI president and chief executive officer, said.
IMI's European sites have posted record highs in monthly sales in the second half of the year. In 2012, 12 new customer programs started mass manufacturing.
"That’s a sign that the confidence level for the economy in general, and IMI in particular, is on the upswing. We see this continuing into the first quarter of 2013, so this year we will optimize our capacity utilization to match our global customers’ requirements," Tan said.
The company's subsidiaries in Europe and Mexico reported combined revenues of $182.2 million in 2012, while another subsidiary, PSi Technologies Inc., contributed $45.6 million.
Operations in China and Singapore reported 1% lower combined revenues to $276.7 million due to delay in transition to new models.
The Philippine operations posted 3% higher revenues of $159.1 million, on the back of strong programs in the automotive, industrial, and storage device sectors.