LAGUNA, PHILIPPINES -- Integrated Micro-Electronics reported second-quarter revenues of $265.1 million, up 26% from a year ago on acquisitions and higher demand for automotive products.

Second quarter net income rose 24% from last year to $10.5 million.

Year to date revenues are up 22$ to $501 million, while net profit is up 145 to $17 million.

For the first half, the EMS company's China operations contributed 33% of revenue, Europe 32%, the Philippines 26% and Mexico 8%. Revenue at the China operations fell 2% to $127.5 million on lower demand for network and wireless products and delays in implementing 5G networks, offset in part by an electric bus program win; the Philippines rose 2% to $111.9 million; and Europe and Mexico operations were up 12% to $171.5 million.

Two recent acquisitions contributed $72.5 million in revenues. IMI acquired Via Optronics last August and Surface Technology Intl. a month ago. 

”We are now seeing acceleration in growth coming from our new businesses," IMI president and chief operating officer Gilles Bernard said in a statement. We are projecting an aggregate of $475 million won businesses as we expand our capabilities in the automotive and industrial sectors. Other notable wins in the second quarter include automotive displays for our site in Czech Republic, automotive lighting and body control systems in Bulgaria, expansion of power module business in Philippines and IoT security tracker in China.”

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