LAGUNA, PHILIPPINES – Integrated Micro-Electronics Inc. recorded $164.8 million in consolidated revenues in the first three months of 2013, up 8.5% year-over-year.

Growth is attributed mainly to the company’s business expansion in Europe and the Philippines, IMI says.

The company generated $253,100 in net income in the first quarter of fiscal year 2013, down 70.4% compared to the same period of 2012, as a result of lower capacity utilization in its China facilities.

“Worldwide demand for electronic products remains challenged, as the Eurozone, the US, Japan, and China tread uncertain economic waters. But at IMI we are experiencing improved performance at our European, North American and Philippine operations, an indication of a healthy recovery in 2013, albeit not across all markets,” said  Arthur Tan, president and CEO of the electronics manufacturer.

IMI’s China and Singapore operations contributed $56.7 million in combined revenues in the first quarter, a decline of 8.1% year-over-year. The firm says the operations experienced reduced sales in the telecommunication infrastructure market.

Operations in Europe and Mexico posted $54.9 million in combined revenues, up 34.2% compared to the same quarter last year because of the expansion of its automotive business.

IMI’s operations in the Philippines posted $42.6 million in revenues, up 11.5% year-over-year because of strong programs in the computing, consumer, and industrial segments.

PSi Technologies, a subsidiary of IMI, recorded $10.4 million in revenues, down from last year by 4.8%.

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