AYALA-led Integrated Micro-electronics, Inc. (IMI) revenues rose 22% in the first six months of 2017, benefiting from the growth of its recent acquisitions.
In a statement issued Friday, the listed global manufacturing solutions firm posted revenues of $501 million in the first half of the year, boosted by its international operations in Europe, Mexico, and China. As a result, net income for the period rose 14%.
“We are now seeing acceleration in growth coming from our new businesses. We are projecting an aggregate of $475 million won businesses as we expand our capabilities in the automotive and industrial sectors,” IMI President and Chief Operating Officer Gilles Bernard was quoted as saying in a statement.
Combined revenues from Europe and Mexico stood at $171.5 million, gaining 12% year-on-year as the company continued to expand its capacities and implement new programs.
Operations in China meanwhile dipped by 2% to $127.5 million in revenues. The slowdown was due to soft market demand for network and wireless products as well as the delay of 5G technology.
Local operations rose 2% to $111.9 million, boosted by the automotive, camera, and industrial businesses. In June this year, IMI started a joint venture with Austria’s KTM AG for the local manufacture and assembly of motorcycles. The partnership’s P500-million factory in Sta. Rosa, Laguna has a capacity of 60,000 motorcycle units annually at full shift.
“We continue to see opportunities to win new businesses and invest in expansion to maximize growth potentials and drive sustainable returns,” IMI Chief Financial Officer Jerome S. Tan said in a statement.
Among the company’s recent acquisitions are Via Optronics GmbH, and Surface Technology International, Ltd., which together generated $72.5 million in revenues.
“We stand on the brink of a technological revolution that will vitally modify the way of life. The global auto industry is about to undergo a significant transformation gearing towards the development of an electric and automated future,” IMI Chief Executive Officer Arthur R. Tan said.
IMI shares fell by 22 centavos or 1.58% to close at P13.74 each. — Arra B. Francia