IMI net income surges to $5M in Q1
MANILA, Philippines - Ayala-led Integrated Micro-Electronics Inc. (IMI) said its net income surged nearly 20 times to $5 million in the first quarter of the year, from $300,000 in the same period in 2013.
IMI, a leader provider of electronics manufacturing services, reported a 25 percent jump in revenues to $205.7 million in the January to March period, from $164.8 million a year ago.
IMI president and CEO Arthur Tan attributed the strong growth to improved sales for its operations in China, Europe and the Philippines.
"With the improving performance of IMI China due primarily to increased demand from customers in the telecommunications infrastructure market, IMI continues its rapid growth trajectory," Tan said.
IMI China contributed 36 percent or $73.2 million to the company's first quarter revenues, a 29 percent increase from a year ago.
IMI's operations in Europe and Mexico also showed a 22 percent increase to $66.9 million in the January to March period. This was attributed to the expansion of the automotive business in Eastern Europe.
For its Philippine operations, IMI posted a 29 percent increase in revenues to $54.7 million in the first three months of the year.
IMI subsidiary PSi Technologies' revenues were up 5 percent to $10.9 million in the January to March period.
"Recoveries in the global markets and the electronics industry have bolstered our optimism for the rest of 2014," Tan said.