LAGUNA, PHILIPPINES – Integrated Micro-Electronics (IMI) reported third quarter revenues of $205.1 million, down 6.4% year-over-year and 4.6% sequentially.

Net profit for the third quarter was $6.23 million, down 30% compared to the same quarter last year.

The company’s consolidated revenues for the first nine months of 2015 were $621.5 million, down 4% year-over-year.

The electronics manufacturer attributes the drop in revenues to a weak euro and a downturn in the computing and telecommunications infrastructure segments.

Net income for the nine-month period increased 5% to $22 million compared to the same period in 2014.

“Our earnings gains resulted mainly from the company-wide operational efficiency improvements, as well as the expansion of some high-margin customer programs,” said Arthur Tan, IMI president and CEO.

IMI’s Europe and Mexico operations benefitted from their robust automotive business and recorded combined revenues of $204 million for the nine-month period, up 1% year-over-year.

EMS operations in the Philippines posted $168.5 million in revenues for the period, an increase of 1% from a year ago, as the growing automotive and industrial businesses offset the decline in demand for storage devices.

IMI’s China operations recorded $214.3 million in revenues for the nine-month period, down 13% year-over-year, as the 4G telecommunications network rollout reaches its projected volume in the country. The revenue drop was also affected by lower orders from a few consumer electronics customers.

“We expected the decline in telecom network infrastructure capital expenditure in China,” said Tan. “Fortunately, our businesses in the Philippines, Eastern Europe, and Mexico are doing well and compensate for the deficiency in the Chinese market.”