MANILA, Philippines - Integrated Micro-Electronics Inc. (IMI) of the Ayala conglomerate posted a record year in 2014 as it almost tripled its earnings behind robust revenues from operations in the Philippines and abroad.
In a disclosure to the Philippine Stock Exchange, the electronics manufacturing services (EMS) and power semiconductor assembly and test services arm of the Ayala Group said its net income last year surged to $29.1 million from $10.5 million the previous year as revenues rose 13 percent to $844.5 million from $745 million.
“The year 2014 was a banner year for IMI as we outperformed the EMS industry’s single-digit growth rate and our financial targets. Our global presence and market diversity took advantage of the recovery of the international markets and electronics segments,” said Arthur Tan, IMI president and chief executive officer.
IMI said its China operations generated $325.6-million revenues, up 17.5-percent year-on-year, fueled primarily by the volume expansion in the telecommunications segment.
The company said it was able to benefit from China’s 4G rollout by way of increased demand for infrastructure devices.
Revenues from IMI Bulgaria increased 14.4 percent to $268.6 million, driven by the steady growth rate of global automotive production in 2014 and sustained expansion of the automotive business.
The firm’s Europe and Mexico operations, meanwhile, contributed 32 percent to full year revenues, IMI said.
Locally, EMS operations recorded $204.9 million in revenues, an 8.3-percent year-on-year growth bolstered by the expansion of businesses in storage device and automotive electronics.
IMI subsidiary PSi Technologies Inc. posted $44.9 million in revenues, up 4.3 percent due to increased demand for power semiconductors.
“IMI will continue on a profitable growth track as we continue to grab opportunities for high-value outsourcing in the telecommunications infrastructure, automotive, industrial, and medical electronics markets,” Tan said.
The Ayala-led firm has set a $1-billion revenue target by next year which it hopes to attain by serving more energy, mobility, power, healthcare, industrial and security firms.
“IMI has been able to deliver on its long-term strategies and will continue to do so. We are a growth company playing in an industry that drives the global economy. The market for electronics is still underserved, and we have positioned ourselves in the right market segments,” Tan said.
IMI is one of the largest electronics manufacturing services, power semiconductor assembly and test services company in the world. It operates 14 manufacturing plants across seven countries globally, five of which are in the Philippines.