AYALA-OWNED global manufacturing solutions provider Integrated Micro-Electronics Inc. (IMI) said Friday its revenues for the first half of 2017 rose 22 percent from a year earlier to $501 million (P25.17 billion), driven by recent acquisitions and expansion programs in its automotive and industrial segments.
In a disclosure to the stock exchange, it said revenues from Europe and Mexico soared 12 percent year-on-year to $171.5 million, while revenues from its China operation dipped 2 percent to $127.5 million due to the impact of soft market demand for network and wireless products and the delay of 5G technology.
Meanwhile, it said its electronics manufacturing service operations in the Philippines climbed 2 percent to $111.9 million due to the automotive camera and industrial businesses.
IMI Philippines recently expanded its motorcycle manufacture and assembly business in joint venture with KTM AG, an Australian motorcycle company, and said it expects to engage more local suppliers for the assembly plant.
The company said its two newly acquired companies, Via Optronics GmbH (VIA) and Surface Technology International, Ltd. (STI Ltd.), have delivered $72.5 million in revenues, with a one-month contribution from STI.
“We are now seeing acceleration in growth coming from our new businesses. We are projecting an aggregate of $475 million won businesses as we expand our capabilities in the automotive and industrial sectors. Other notable wins in the second quarter include automotive displays for our site in Czech Republic, automotive lighting and body control systems in Bulgaria, expansion of power module business in Philippines and IoT [Internet of Things] security tracker in China,” Gilles Bernard, IMI president and chief operating officer, said in a statement.
Jerome Tan, IMI chief finance officer, said the recent performance of the company was driven by its strong capital expenditures of $31.0 million for the first half of 2017 in line with expansion programs and recent acquisitions.
“We continue to see opportunities to win new businesses and invest in expansion to maximize growth potentials and drive sustainable returns,” he said.