Listed semiconductor and electronics firm Integrated Micro-Electronics Inc. (IMI) said its net profit in the first six months of the year soared more than five times from a year earlier to $11.3 million as demand for its telecommunications, infrastructure and electronics devices surged across its markets.
“We maintain our profitable growth trajectory, driven by increased demand from customers in the telecommunications infrastructure, automotive electronics, and storage device markets. More important, we have a healthy sales pipeline, especially for the automotive segment,” said Arthur Tan, IMI president and chief executive officer.
The Ayala-led firm posted net income of $11.3 million in the first half from $2.1 million in the same period last year, while revenue increased 23 percent to $431 million from $350.5 million a year earlier.
For the second quarter, net income climbed 25 percent to $6.3 million compared to a year ago, while revenue was up 9 percent at $225.2 million from $205.7 million previously.
The company’s stored cash stood at a “healthy” $50.3 million in the first half, while its current ratio and debt-to-equity ratio were at 1.5:1 and 0.5:1, respectively.
PSi Technologies Inc., IMI’s semiconductor subsidiary, also raised its first half sales by 4 percent to $22.1 million compared to year-ago levels.
IMI said first-half revenue from its China operations rose 32 percent to $161 million on volume expansion in its telecommunications business.
For its electronic manufacturing services, revenue from domestic operations grew 25 percent to $110.1 million, while sales from the Europe and Mexico operations climbed 18 percent to $137.6 million, and were up 37 percent for the China unit.
“IMI’s strategic focus over the last decade has begun to bear fruit as we continue to develop new business models as well as high value-added services that fit the dynamic markets we serve today,” Tan said
Started in 1980, IMI is an Ayala Corp. subsidiary engaged in the business of manufacturing semiconductors and electronic devices. The company has manufacturing presence in Asia, Europe, and North America.