The company said the income growth is due primarily to the company’s business expansion in Europe and Mexico, increased business from the Philippine operations, and reduced operating expenses.

IMI’s consolidated sales revenues of 325.7 million USD improved by 24 percent in the six months to June.

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

IMI’s subsidiaries in Europe and Mexico contributed 85.7 million USD revenues in the first six months of 2012, while PSi Technologies Inc., another IMI subsidiary, recorded 25.0 million USD in revenues.

The company’s operations in China and Singapore contributed 134.9 million USD in combined revenues, or a drop of 6 percent year-on-year due mainly to reduced volume in a telecommunication infrastructure program and delay in the production of new models for an industrial electronics program.

IMI’s Philippine operations recorded 79.5 million USD in revenues, or a 3 percent year-on-year growth because of strong programs in the computing and consumer segments.

IMI’s revenues for the second quarter of 2012 increased by 14 percent from that of the first quarter. Net income also improved by 164 percent.