Strong Communication and Automotive Businesses Drive IMI Growth
Laguna—(PHStocks)—Integrated Micro-Electronics Inc. (PSE: IMI), one of the leading worldwide providers of electronics manufacturing services (EMS) and power semiconductor assembly and test services, today announced a surge in its consolidated revenues for the nine months ended 30 September 2014, on the back of the company’s communication and automotive businesses, which contributed 70 percent to the total increase.
Revenues of $650.1 million increased by 19 percent from $547.1 million for the same period in 2013. The corresponding net income is $21 million.
Arthur Tan, IMI president and chief executive officer, says, “Despite continued volatility in the global markets, IMI maintains a profitable growth as it is naturally hedged by the diversity of its markets served and locations in which it operates.”
For the nine-month period of 2014, IMI’s China operations generated $246.3 million revenues, 25 percent higher than last year’s due mainly to volume expansion for main customers in the telecommunications segment. The China operations accounted for 38 percent in IMI’s total revenues.
“The Chinese economy, despite the slowdown, manages itself well,” Tan adds. “Its 4G rollout has commenced, which benefits IMI from the standpoint of increased demand for telecommunications infrastructure devices.”
Revenues from the company’s Europe and Mexico operations continued to increase with the sustained expansion of the automotive business in IMI’s factory in Bulgaria. Tan notes that the “European electronics brands remain strong, driven by rising demand in automotive electronics.” The combined revenues of IMI operations in Europe and Mexico of $202.4 million grew by 16 percent year-over-year.
IMI’s EMS operations in the Philippines garnered $166.8 million in revenues, an 18 percent year-on-year growth due mainly to a strong performance of its storage device business and an upsurge in its automotive electronics business.
IMI’s power semiconductor company PSi Technologies Inc. posted $34.4 million in revenues, surpassing last year’s by 4 percent. Tan says, “The demand for power semiconductors is on the rise, alongside the growing demand for environment-friendly, energy-saving products.”
The company’s revenues for the third quarter ended September 30, 2014, increased by 11 percent over the year-ago quarter to $219.1 million, driven by double-digit growth in telecommunications infrastructure devices and storage device markets as well as the continuous expansion of its automotive business.
Tan says, “IMI, with its global footprint and extensive technical capabilities, is in a good position to take advantage of opportunities as electronics becomes more and more an important part of people’s daily lives.”
IMI, he adds, will persist on a profitable growth trajectory as it continues to “engage in high-value products, improve line utilization, and enhance productivity and quality.”
IMI is a subsidiary of the conglomerate Ayala Corp. (PSE: AC).
