AYALA-led Integrated Micro-Electronics Inc. (IMI) said its net income surged 16 percent during the nine months of the year after a flurry of acquisitions and rising demand in the automotive sector.
IMI’s bottom line hit $24.1 million (about P1.2 billion), from last year’s $20.82 million. Revenues reached $795.2 million, an increase of 29 percent from last year’s $616.14 million, the company said.
The two recent acquisitions, VIA Optronics and STI International, contributed a combined $136.2 million in revenues.
“IMI today is different from the IMI more than 10 years ago in the way we do things,” IMI CEO Arthur Tan said. “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.”
Revenues from IMI’s Europe and Mexico operations surged 15 percent year-on-year to $263.4 million in the first nine months, driven by increasing demand for automotive lighting, which is becoming a global trend for safety and performance.
Ongoing expansions and new product introduction carried out in our Mexico plant to support North America requirements also bolstered the group revenues, the company said.
Philippine operations increased 4 percent to $197.9 million strengthened by new industrial applications, despite drop in demand in the security and medical-device business.
The company’s China operations, meanwhile, posted $198.2 million in revenues, up by a mere 1 percent year-on-year, as a result of demand decline in the telecom-infrastructure business but offset by growth in the automotive and industrial segments.
New project wins for the year have reached $580 million, more than triple from the previous year. Other wins in the third quarter include controls and sensors, power modules, advanced driver-assistance system controllers and battery-management systems.
“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,” the company said.