Integrated Micro-Electronics Inc., a unit of conglomerate Ayala Corp., reported a net income of $24.1 million the first nine months of the year, up 16 percent year-on-year, on higher revenues.
IMI said in a disclosure to the stock exchange nine-month revenues grew 29 percent to $795.2 million due to the positive effects of recent acquisitions and rising demand in the automotive and industrial segments.
“IMI today is different from the IMI more than ten years ago in the way we do things. We are now in the forefront of taking electronics to the next level penetrating high reliability markets and moving forward to a more advanced automotive electrification and autonomous driving,” IMI chief executive Arthur Tan said.
Revenues from Europe and Mexico operations rose 15 percent year-on-year to $263.4 million, driven by increased demand for automotive lighting, an innovative global megat rend for safety and performance.
IMI said expansions and new product introductions carried out in the Mexico plant to support North America requirements also bolstered the group revenues.
Meanwhile, revenues from Philippine operations inched up four percent to $197.9 million, boosted by new industrial applications despite a drop in demand in the security and medical device business.
Revenues from China operations stood flat at $198.2 million as a result of lower demand in the telecommunications infrastructure business, but offset by the positive growth in automotive and industrial segments.
IMI’s two recent acquisitions, VIA Optronics and STI International, contributed a combined $136.2 million in revenues.
“We continue to gain momentum as the synergistic effects of our recent acquisitions kick in,” IMI president and chief operating officer Gilles Bernard said.
“As IMI builds its competence around the next generation of technologies in high value markets, we will be more involved in the ever evolving global value chains in the automotive, industrial and aerospace markets,” Bernard added.
IMI is the manufacturing portfolio of AC Industrial Technology Holdings Inc., which in turn is a wholly-owned subsidiary of Ayala Corp.
hare price of IMI on Friday gained 2.9 percent to P18.72.