IMI's Q3 Net Income Higher as Sales Trend Up
LAGUNA, PHILIPPINES – Integrated Micro-Electronics Inc. reported net income jumped 72% to $3.2 million for the third quarter ended Sept. 30. Net sales were $196.6 million, the company's best quarter this year, up 15.5% from 2012.
The EMS firm credited strong expansion in Europe, Mexico, and the Philippines.
Year-to-date revenue are up 10% to $547.1 million.
In a press release, IMI chief executive and president Arthur Tan said, “We are posting a higher profit for the first nine months of this year compared to last year’s despite a global economy in low gear. We are seeing improvements in our China business as we continue to expand our business in other locations.”
IMI’s China and Singapore operations have contributed 36% of IMI’s revenues year-to-date, for a total of $197.6 million, down 6% year-over-year due to the slowdown of local demand in the communication and consumer industry segments. IMI has streamlined its China operations to cushion the impact of reduced sales to net income.
Operations in Europe and Mexico generated $175.6 million in consolidated revenues, up 33% year-over-year on higher automotive demand.
The Philippine operations recorded $141.1 million in revenues, up 20% on higher storage device production.
PSi Technologies Inc., a subsidiary of IMI, generated $33 million in revenues, down 10$ due to weeding out of non-profitable businesses.
