IMI’s Q4 Revenue Grew 14% YoY
MAKATI CITY, PHILIPPINES – Integrated Micro-Electronics (IMI) reported fourth quarter revenue of $338.5 million, up 14.4% year-over-year.
For the year, net income fell 21% to $25.8 million, as consolidated revenue grew 24% to $1.35 billion for 2018.
Traditional business generated a 16% increase in revenues to more than $1 billion. Recent acquisitions STI and VIA Optronics contributed $312.4 million, up 61% year-over-year. Ayala-LED IMI reported a profit increase of 34% for 2018, partially attributable to the sale of a China unit.
“2018 was a challenging yet exciting year. Although the company was affected financially by the global component shortage issue, we are confident the choices we made years ago were the right decisions,” said IMI CEO Arthur Tan. “We remain committed in our strategy to develop complex and high value products that allows us to remain relevant in our focused target markets.”
IMI recorded $320 million in new project awards in 2018, 72% of which are for automotive applications.
“This drive to be a critical contributor to the digital car of tomorrow and other technological breakthroughs will enable us to deliver and meet increasing expectations of our stakeholders,” Tan said.
IMI spent $65 million in capital expenditures during the year.
