IMI First-Half Profit Up 5x
July 31, 2014, Laguna, Philippines — Integrated Micro-Electronics Inc. (IMI), one of the leading worldwide providers of electronics manufacturing services (EMS) and power semiconductor assembly and test services, today announced that it posted US$11.3 million in net income for the first two consecutive quarters ending June 30, 2014. This is more than five times the first-half 2013’s profit of US$2.1 million.
The company’s consolidated first-half revenues of US$431.0 million grew by 23 percent from US$350.5 million for the same period in 2013.
Arthur Tan, IMI president and chief executive officer, says, “We maintain our profitable growth trajectory, driven by increased demand from customers in the telecommunications infrastructure, automotive electronics, and storage device markets. More important, we have a healthy sales pipeline, especially for the automotive segment.”
IMI China’s first-half revenues of US$161.0 million represent a 32 percent increase from last year’s, boosted by volume expansion for main customers in the telecommunications segment. The China EMS operations contributed 37 percent to IMI’s total first-half 2014 revenues.
The sustained expansion of the automotive business in IMI’s factories in Eastern Europe has resulted in the company’s Europe and Mexico operations generating combined revenues of US$137.6 million, an 18 percent increase year-over-year.
IMI’s EMS operations in the Philippines posted US$110.1 million in revenues, a 25 percent year-on-year growth due mainly to a robust storage device assembly business and an upsurge in automotive electronics business.
Meanwhile, IMI’s power semiconductor company PSi Technologies Inc. recorded US$22.1 million in revenues, slightly lower than last year’s by 4 percent.
The company’s revenues for the second-quarter 2014 of US$225.2 million sequentially increased by 9 percent from US$205.7 million of the preceding quarter. The net income of US$6.3 million represents a 25 percent sequential increase, and it is more than three times that for the same period in 2013.
The company’s cash position at the end of June 2014 remains healthy at US$50.3 million. Current ratio and debt-to-equity ratio are 1.5:1 and 0.5:1, respectively.
Tan says, “IMI’s strategic focus over the last decade has begun to bear fruit, as we continue to develop new business models as well as high value-add services that fit the dynamic markets we serve today.”
IMI will always be relevant, if not on the leading edge of the next big thing."
Arthur R. Tan, Vice Chairman and CEO
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