IMI profit grows on acquisitions, stronger demand » Manila Bulletin Business

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By James Loyola

Integrated Micro-Electronics Inc. (IMI), one of the leading global manufacturing solutions firms and a member of the Ayala group, reported that its net income improved by 16 percent to $24.1 million in the first nine months of the year.

In a disclosure to the Philippine Stock Exchange, the firm said it posted a 29 percent jump in revenues to $795.2 million for the first nine months of 2017 due to positive effects of recent acquisitions and a rising demand in the automotive and industrial segments.

“IMI today is different from the IMI more than ten years ago in the way we do things. We are now in the forefront of taking electronics to the next level penetrating high reliability markets and moving forward to a more advanced automotive electrification and autonomous driving,” said IMI Chief Executive Arthur Tan.

Revenues from Europe and Mexico operations rose 15 percent year-on-year to $263.4 million in the first nine months driven by increasing demand for automotive lighting, an innovative global megatrend for safety and performance.

Ongoing expansions and new product introduction carried out in Mexico plant to support North America requirements also bolstered the group revenues.

Philippine operations increased 4 percent to $197.9 million strengthened by new industrial applications despite drop in demand in the security and medical device business.

IMI’s China operations posted $198.2 million in revenues, up 1 percent year-on- year, as a result of demand decline in the telecom infrastructure business, but offset by positive growth in automotive and industrial segments.

The two recent acquisitions, VIA Optronics and STI International, contributed a combined $136.2 million in revenues.

New project wins for the year have reached $580 million, a 217 percent increase from the previous year. Other notable wins in the third quarter include controls and sensors, power modules, advanced driver assistance system (ADAS) controllers, and battery management systems.

“We continue to gain momentum as the synergistic effects of our recent acquisitions kick in,” IMI president and chief operating officer Gilles Bernard said.

He added that, “as IMI builds its competence around the next generation of technologies in high value markets, we will be more involved in the ever evolving global value chains in the automotive, industrial and aerospace markets.”

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