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© andrzej thiel dreamstime.com Electronics Production | August 08, 2013

IMI’s first-half revenues up 8%

Integrated Micro-Electronics Inc. (IMI) reported revenues for the first six months of 2013 of US$350.5 million, an 8 percent Y-o-Y increase due mainly to the company’s strong business expansion in Europe, Mexico, and the Philippines.

The company’s net income of US$2.1 million is 33 percent lower than the figure posted for the same period last year due primarily to lower capacity utilization in its China facilities.

Arthur Tan, IMI president and chief executive officer, says, “We continue to grow our top line and record a profit despite the unbalanced growth of the global economy. While we are affected by the slowdown in China, we take advantage of opportunities in regional manufacturing in North America and Europe.”

IMI continues to expand its operations in Bulgaria and Mexico to accommodate additional orders from its customers in the automotive sector. But in China, Tan adds, the company has started to consolidate operations to lessen the impact on its bottom line.

“Our diversification strategy is doing us good in these volatile times,” says Tan. “We are aggressively pursuing opportunities to increase both revenues and profit margins as we leverage our broadened geographic presence and expanded capabilities.”

IMI’s China and Singapore operations accounted for 35 percent of the total first-half revenues or US$122.2 million, a decline of 9 percent year-on-year due primarily to reduced sales in the telecommunication infrastructure segment.

Operations in Europe and Mexico recorded US$117.1 million in combined revenues, an increase of 37 percent year-over-year due to the continued expansion of the company’s automotive business.

IMI’s Philippine operations posted US$88.4 million in revenues, an 11 percent year-on-year growth because of strong programs in the computing, consumer, and industrial segments.

PSi Technologies Inc., a subsidiary of IMI, generated US$23.0 million revenues, down from last year by 8 percent.

IMI’s revenues increased by 13 percent to US$185.7 million in the second quarter of 2013 from US$164.8 million in the preceding quarter.

The company continues to be financially robust with a cash balance of US$49.8 million at the end of the second quarter of 2013. Its current ratio and debt-to-equity ratio are 1.5:1 and 0.5:1, respectively.

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