Ayala-owned IMI’s profit up 16%

FILE: Ayala Avenue is part of the Makati Central Business District (CBD). Photo courtesy of Philippine Commercial Properties.

MANILA — Ayala-led Integrated Micro-Electronics Inc. (IMI) booked  USD24.1 million net income in the first nine months this year, up 16 percent from USD 20.8 million during the same period last year.

The income hike was bolstered by the positive effects of recent acquisitions and a rising demand in the automotive and industrial segments.

“We are now in the forefront of taking electronics to the next level penetrating high reliability markets and moving forward to a more advanced automotive electrification and autonomous driving,” said IMI chief executive officer Arthur Tan.

Revenues from Philippine operations surged 4 percent to USD197.9 million, strengthened by new industrial applications despite drop in demand in the security and medical device business.

Europe and Mexico operations rose 15 percent to USD263.4 million on increasing demand for automotive lighting, an innovative global megatrend for safety and performance.

Ongoing expansions and new product introduction carried out in Mexico plant to support North America requirements also bolstered the group revenues.

The company’s China operations posted USD198.2 million in revenues, up slightly from last year, as a result of demand decline in the telecom infrastructure business, but offset by positive growth in automotive and industrial segments.

The two recent acquisitions, VIA Optronics and STI International, contributed a combined USD136.2 million in revenues. (PNA)