IMI’s revenues grew 33% in the first half of 2018

The company posted a net income of USD 31.6 million, including a net gain arising from the sale of its China property. Excluding one-offs, operating income increased 28% from that of last year despite effect of electronics component shortages. “We are confident that the recent US-China tariff talks and the Brexit issue will have a minimal effect in our business. Our China to US and UK to EU exports only account for about 4% of IMI’s group revenues. Our global operating sites that are qualified to the same standards are capable of enabling a smooth transfer of business across locations. Moreover, the EU and China markets where we participate in are in themselves growing significantly,” Arthur Tan, IMI chief executive officer, says in a press release, Revenues from acquired businesses amounted to US$154.2 million in the first half of 2018. VIA Optronics reported $100.3 million, 51 percent higher than last year, buoyed by its top customer in the consumer segment. STI’s six months revenue of $53.9 million versus its one-month contribution last year further boosted IMI’s global revenues. Revenues from Europe operations grew 29% year-on-year to US$D 70.1 million, still dominated by automotive businesses, while Mexico revenues posted a 17% increase year-on-year to USD 46.9 million despite delays in the mass production of its new projects. China revenues increased by 27 percent to USD 162.1 million strengthened by the ramp up of new industrial applications and automotive platforms. In the first half of 2018, China completed the shares sale transaction related to the transfer of its Liantang facility to the new Pingshan facility in Shenzhen. The transaction generated a net gain of USD 11.0 million including expenses incurred in 2017. Philippine revenues amounted to USD 136.0 million, up 5% driven by the automotive camera business and new industrial applications while being offset by the declining demand in the security and medical device business.