Robust China sales boost electronics firm IMI net profit
Philippine-based Integrated Micro- Electronics Inc. (IMI), one of the world's largest electronics manufacturing service providers, chalked up a 22 percent growth in its net income in the first nine months of the year thanks to stronger sales particularly from its operations in China.
IMI disclosed Thursday that net profit hit 5 million U.S. dollars, while consolidated revenues reached 293.1 million pesos ( 6.7 million U.S. dollars) for the months of January to September.
"Despite the unusual levels of uncertainty in the electronics industry, we managed to grow our revenues and bottom line in the first nine months of the year. Diversification across regions and market segments has shielded us from the impact of isolated business downturns," IMI president Arthur Tan said in a statement.
Revenues from the company's operations in China and Singapore reached 184.7 million U.S. dollars in the nine-month period, up 22 percent on year. This accounted for 63 percent of IMI's total revenue, offsetting the 17-percent decline in revenues from its business in the Philippines.
The company ended the nine-month period with a cash balance of 40 million U.S. dollars.
