IMI Q2 Revenues Up 42% YoY
LAGUNA, PHILIPPINES – Integrated Micro-Electronics Inc.'s second-quarter net profits slipped 27% despite a big jump in revenue.
Sales rose 42% for the period ended June 30 to $139.5 million. Sales were up 13% sequentially, and profits nearly tripled.
The electronics manufacturing services provider cited its China operations and new revenues from PSi Technologies. The corresponding net income after tax is US$1.1 million.
In a press release, IMI president and chief executive Arthur Tan said, “We managed to grow our revenues and stay profitable despite a still fragile global economy. With our expanded footprint in Europe and Mexico, we have vital access to more markets, allowing us to participate actively in providing solutions for original equipment manufacturers catering for regional and international demands.”
First-half sales are up 39% year-over-year to $262.5 million. The company’s operations in China and Singapore posted $143.3 million in revenues in the period, up 23% year-on-year due mainly to new turnkey programs for major customers. Its Philippine operations posted $76.9 million in revenues, bolstered by increased turnkey manufacturing programs.
