The company posted US$853.9 thousand (651,981 thousand euro) in net income in the first three months of 2012.

The company said the increase was due to the company’s business expansion in Europe and Mexico, and reduced operating expenses. IMI’s consolidated sales revenues of US$152 million improved by 24 percent year over year.

Arthur Tan, IMI president and chief executive officer, said, “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.”

IMI’s subsidiaries in Europe andMexico contributed US$40.9 million revenue in the first quarter of 2012.

The company’s operations in China and Singapore posted US$61.7 million in combined revenues, a decline of 5 percent year-on-year due primarily to a reduction in turnkey sales to a customer in the telecommunication infrastructure market.

IMI’s Philippine operations generated US$38.2 million revenues, a 4 percent year-on-year growth because of strong programs in the consumer and automotive segments.