LAGUNA, PHILIPPINES — Integrated Micro-Electronics Inc. reported third-quarter revenue was basically flat at $206 million on lower demand for consumer and computing end-products.

Net profit fell 10% to $5.8 million for the period ended Sept. 30.

Year to date operating income is up 4% over last year to $28.8 million. Revenue has fallen 1% over that period to $615.7 million. Net income after tax is down 5% to $20.8 million due to higher depreciation from recent expansion capex.

IMI acquired Via Optronics, a developer of products for optical bonding and displays, during the quarter.

“We're constantly striking a balance between growth and profitability, while making disciplined investments in innovative growth platformsm" said Gilles Bernard, IMI president and chief operating officer. "Despite pressure on revenues in our non-core segments like consumer and computing, our productivity improvements more than made up for the volume declines and translated to an improvement in our operating income. At the same time, we spent $41.1 million or 6.7% of revenues on capital expenditures to fund growth initiatives."

Year to date revenues from Europe and Mexico operations have climbed 12% year-over-year to $228.9 million in the first nine months of 2016 driven by robust sales of automotive body controls. The company’s China operations has posted $195.8 million in revenues, down 9% year-over-year, due to the impact of strategic decision to exit a certain consumer electronics business and weaker demand from a telecom infrastructure customer.

Revenues for IMI’s EMS operations in the Philippines was down 1% to $166.6 million following end-of-support for computing peripherals.

“We continue to move up the value chain as we partner with our customers who are also navigating their own transformations,” IMI chief executive officer Arthur Tan commented. “Our operating results reflect our commitment to sustainable growth, and we are confident that we have the right strategies in place to enable us to seize the many opportunities ahead. In August, we announced our acquisition of Via Optronics. The rationale is compelling. It allows us to integrate Via’s proprietary display solutions with IMI, enhancing customer engagement as well as IMI's platform portfolio to further enable our customers.”

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