Ayala-owned IMI’s profit grows 64% in 2012

MANILA, Philippines – Despite weak global demand, earnings of Ayala Corp.’s electronics manufacturing arm surged 64% in 2012 from the year before, bucking industry trend.

Integrated Micro-Electronics Inc. (IMI) ended 2012 with a net income of $5.4 million, a big improvement from $3.3 million in 2011.

IMI is a leading global provider of electronics manufacturing services and power semiconductor assembly and test services.

The company said its bottom line could have grown higher if not for “sluggish global economic growth, lower capacity utilization and higher labor costs.”

Here are the details of the company’s 2012 operations:

• Revenues grew 15% to $661.8 million from $575.5 million.
• Subsidiaries in Europe and Mexico posted $182.2 million in combined revenues, while another subsidiary, PSi Technologies Inc., contributed $45.6 million.
• China and Singapore operations recorded $276.7 million in combined revenues, a slight decline of 1%, due to delay in transition to new models.
• Philippine operations generated $159.1 million in revenues, up 3% from 2011 on the back of strong programs in the automotive, industrial, and storage device sectors.

IMI’s performance countered industry trend. The Philippine electronics sector contracted 5.2% to $22.557 billion in 2012 from the previous year’s $23.795 billion. – Rappler.com