INTEGRATED Micro-Electronics Inc. (IMI), the listed semiconductor manufacturing arm of the Ayala Group, said net income in the first nine months of the year surged 16 percent boosted by a double-digit growth in revenues.
IMI told the Philippine Stock Exchange its net income in the period soared to $24.1 million compared to the $20.8 million recorded last year.
Revenues jumped 29 percent year-on-year to $795.2 million on the back of recent acquisitions and strong demand in the automotive and industrial segments.
“We are now in the forefront of taking electronics to the next level, penetrating high reliability markets and moving forward to a more advanced automotive electrification and autonomous driving,” said Arthur Tan, IMI chief executive officer.
Revenues from Europe and Mexico operations increased 15 percent to $263.4 million driven by increasing demand for automotive lighting and the ongoing expansion projects and new products.
Operations in the Philippines and China also recorded some improvement, with revenue increases of 4 percent to $197.9 million and 1 percent to $198.2 million, respectively.
IMI said its recent acquisitions, VIA Optronics and STI International, generated combined revenues of $136.2 million
“We continue to gain momentum as the synergistic effects of our recent acquisitions kick in,” said Gilles Bernard, IMI president and chief operating officer.
Bernard added the company will continue to strengthen its position in the automotive, industrial and aerospace markets.