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MANILA, Philippines - Integrated Micro-Electronics Inc. (IMI) more than doubled its profit in the first quarter, driven by the semiconductor firm's expansion in Mexico and Europe, as well as reduced operating expenses.
In a disclosure to the Philippine Stock Exchange, the Ayala-led firm said its net income reached $853,900 in the first three months of the year, up 128 percent from the $377,000 in 2011.
Consolidated sales revenues improved by 24 percent year-on-year to $152 million.
“With our company’s implementation of a global geographic expansion, we have realized a diversity in markets and operations. A healthy mix of customers and programs has cushioned the effects on our financial performance of the global electronics industry slowdown," said Arthur Tan, IMI president and chief executive officer.
The recently acquired businesses in Bulgaria, the Czech Republic and Mexico contributed $40.9 million to first-quarter revenues.
Operations in China and Singapore posted $61.7 million in combined revenues, a decline of five percent year-on-year due primarily to a reduction in turnkey sales to a customer in the telecommunication infrastructure market.
Domestic operations grew four percent to $38.2 million because of strong programs in the consumer and automotive segments.
Unit PSi Technologies recorded $10.9 million in revenues.
IMI remains upbeat on the company's business prospects this year despite uncertainties in the global environment.
“We have a robust sales pipeline for the automotive, industrial, consumer, and renewable energy markets. We expect more business in Asia given the economists’ outlook of high growth rate for China and the rest of emerging Asia," Tan said.
"Likewise, we will tap into our broader global footprint and expanded technical capability to take advantage of improving economies like Japan, the United States, Germany, and France," he added.
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