Ayala-led chip maker’s Q1 profit soars 127%

Rappler.com
Integrated Microelectronics Inc. says business expansion in Europe and Mexico bears fruit

MANILA, Philippines – Ayala-owned chip maker Integrated Microelectronics Inc. (IMI) said its earnings grew by triple digits in the first quarter of 2012 as its business expansion in Europe and Latin America started to bear fruit.

In a financial filing with the Philippine Stock Exchange, IMI said its net income attributable to equity holders of the parent company grew 127% in January to March this year to $854,000 from $377,000 last year.

Revenues rose 24% to $152 million from $123 million in 2011.

“With our company’s implementation of a global geographic expansion, we have realized a diversity in markets and operations. A healthy mix of customers and programs has cushioned the effects on our financial performance of the global electronics industry slowdown,” said IMI president Arthur Tan.

IMI said its subsidiaries in Europe and Mexico contributed $40.9 million to revenues, while its China and Singapore operations turned in $61.7 million, which was down 5% year-on-year.

The company’s Philippine operations saw revenues grow 4% to $38.2 million, thanks to strong demand from consumer and automotive segments.

Meanwhile, IMI’s operating expenses fell 3% to $10.12 million from $10.4 million last year. – Rappler.com