IMI profit up 4% in 9 months

MANILA, Philippines - Integrated Micro-Electronics Inc. (IMI) posted a net income of $28.8 million in the nine months to September, four percent higher compared to a year ago.

Revenues slightly declined to $615.7 million from $621.5 million a year earlier.

The company booked higher revenues from its operations in Europe and Mexico. This was in contrast to the company’s operations in China, which reported a nine percent drop in revenues to $195.8 million due to the company’s decision to exit a certain consumer electronics business.

IMI president and COO Gilles Bernard said the company is proceeding with its investments carefully.

 “Despite pressure on revenues in our non-core segments like consumer and computing, our productivity improvements more than made up for the volume declines and translated to an improvement in our operating income. At the same time, we spent $41.1 million or 6.7 percent of revenues on capital expenditures to fund growth initiatives,” Bernard said.

 IMI is among the top 50 electronics manufacturing services (EMS) providers in the world based on the latest list of Manufacturing Market Insider based on EMS-related revenues.

In the automotive segment, it is the sixth largest EMS provider in the world per New Venture Research. 

Revenues for IMI’s EMS operations in the Philippines slid by one percent to $166.6 million following end-of-support for computing peripherals.

IMI chief executive officer Arthur Tan said the company aims to move up the value chain by partnering with customers who are also navigating their own transformation.

“Our operating results reflect our commitment to sustainable growth, and we are confident that we have the right strategies in place to enable us to seize the many opportunities ahead.

Tan said the company would continue to focus as a core manufacturing entity for Ayala Corp.