IMI's Sales Up 5% in 2008
Published: 23 February 2009
by Mike Buetow
MANILA – Integrated Microelectronics Inc., a top 30 EMS firm, saw revenues rise 5% in 2008 on double-digit growth of its operations in China and Singapore. The firm, a subsidiary of Ayala Corp., reported operating income of $18 million. Currency hedging and a one-time charge for manpower expenses and inventory obsolescence led to a $16 million loss for the year. Excluding these nonrecurring items, IMI’s net income would have been $32 million.
In 2008, IMI saw increased business with a leading Chinese telecommunications company and new customer programs. The company's operations in the Philippines and US were down on lower volumes, however.
