IMI Q1 net income jumps 33% to $8.7M

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AYALA-led semiconductor maker Integrated Micro-Electronics, Inc. (IMI) said on Thursday its net income for the first quarter of 2017 rose 33 percent to $8.7 million from $6.5 million a year earlier on strong revenue growth and better profit margins , particularly in its core automotive and industrial markets. Revenues grew by 18 percent to $235.9 million from $199.1 million in the comparable period last year, the company said in a disclosure to the Philippine Stock Exchange (PSE). It said its EMS operations in the Philippines generated revenues of $57.1 million, an increase of 11.1 percent from last year, while its semiconductor assembly and test subsidiary delivered $8.8M, up 13.7 percent. IMI recently announced the start of operation of its motorcycle manufacture and assembly, a joint venture between Ayala and KTM AG, an Austrian motorcycle company.

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