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MANILA - Despite a lower contribution from its China operations, Integrated Micro-Electronics Inc. on Wednesday reported a surge in earnings in the first semester because of its expansion in Europe and Mexico, improved domestic operations and lower expenses.
In a disclosure, the Ayala-led semiconductor firm said its net profit attributable to equity holders tripled to $2.25 million in the second quarter from $761 million in the same period last year.
This brought its net income attributable to equity holders to $3.1 million, up 173 percent from the previous year's $1.1 million.
Consolidated sales revenues increased by nearly a quarter to $325.7 million in the first half after revenues in the April to June period grew at the same pace to $173.7 million.
“Given the unstable state of developed economies and the slowdown in China, we managed to grow both revenues and income on demand from core customers and acquisitions," said IMI president Arthur Tan.
Revenues from Philippine operations inched up 3 percent to $79.5 million in the first half because of programs in the computing and consumer segments.
Subsidiaries in Europe and Mexico generated $85.7 million in revenues, while PSi Technologies Inc. contributed $25 million in the first semester.
However, contribution of its operations in China and Singapore fell 6 percent to $134.9 million because of lower volume in a telecommunication infrastructure program and delay in the production of new models for an industrial electronics program.
Tan remained cautiously optimistic amid the "shaky" macroeconomic environment. “With a constant drive to innovate, we continue to invest in process improvements and research and development initiatives to ride the trends that include increasing automotive electronic content, emerging applications of electronics for the industrial and medical fields, and the rising demand for solar panels," he added.
Tan cited the company's manufacturing facility in Jiaxing, China, which is ramping up production of solar panels and automotive electronic parts in the second half of the year.
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