AYALA-LED Integrated Micro-Electronics Inc. (IMI) said net income slipped slightly last year due to volatility in the foreign currency market and China’s weakening economy.
In a disclosure on Wednesday, IMI said its net income for 2015 fell slightly to $28.8 million (P1.3 billion) from $29.1 million in 2014.
Arthur Tan, IMI president and chief executivet, said even against the challenging global market, IMI managed to realize strong revenues by focusing on the high-margin auto and industrial segments and continued productivity gains.
Consolidated revenue was also slightly lower, dipping 3.6 percent to $814.36 million (P37 billion) in 2015 from $844.47 million mainly because of the weak euro and the downturn in the computing and telecommunications segments.
Automotive revenues climbed by 21 percent, while total revenues were up by 2 percent.
IMI said the headwinds in revenues were offset by strong volume growth in the automotive segment, particularly in advanced driver assistance systems, which posted a 66 percent increase in revenues.
With regard to its operations in China, revenues declined by 14 percent to $279.3 million from the previous year’s $324.8 million, as the 4G network rollout in China reached its projected volume, while sales in the consumer electronics segment saw a slowdown.
Its Europe and Mexico operations, meanwhile, recorded combined revenues of $267.4 million, flat from 2014. The persistent weakness in the euro resulted in a 3 percent revenue decline for IMI’s Bulgaria and Czech Republic factories.
In the domestic market, IMI’s electronics manufacturing services operations grew by 10 percent to $225.3 million from $204.9 million in 2014.The growth was attributed to strong demand for automotive cameras and security and access control devices.