IMI revenues reach $1 B in 2017

Global manufacturing solutions firm Integrated MicroElectronics Inc. (IMI) of the Ayala Group reported a 21 percent jump in profit to $34 million last year as revenues soared to a record high of $1.09 billion.

IMI said last year’s revenue was 29 percent higher than the year ago, driven by recent acquisitions and continued improvement in automotive and industrial markets.

“We’re eager to build on this success and continue to ensure that our diverse capability as an organization will sustain our competitive advantage and stronghold in the global market. As a cohesive global company with a shared vision, we aim to design competitive positions and strategies that capitalize on corporate strengths,” IMI chief executive officer Arthur Tan said.

IMI said revenues from Europe operations grew 14 percent year-on-year to $276.5 million as it benefited from lighting, controllers and driver assistance systems of its automotive segment.

In Mexico, revenues expanded 29 percent to $84.2 million as numerous projects for North America customers entered new product introduction phase throughout the year.

IMI’s China operations registered $271.1 million in revenues, up four percent year-on-year despite the delay in new technology roll-out in the telecom infrastructure business.

“The broadened product mix including electric vehicle charging solutions provided demand growth and differentiation to China facilities,” it said.

For its Philippine operations, IMI saw revenues increase by four percent to $263.7 million driven by new industrial applications and automotive camera business.

“The flexibility of our operations and seasoned expertise is a manifestation of our readiness to face the challenges in a competitive environment.” IMI president and chief operating officer Gilles Bernard said.

“As we undergo major disruptive changes, our industrial excellence will help tailor our offerings more precisely while also preserving our margins,” Bernard added.

In 2017, IMI spent $65.3 million for its capital expenditures to support innovative growth platforms.