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IMI reports 11 percent growth in 1H 2010

Posted: 09 Aug 2010 ?? ?Print Version ?Bookmark and Share

Keywords:EMS? OEMs? semiconductors?

Integrated Micro-Electronics Inc. (IMI), which provides electronics manufacturing services (EMS) to OEMs, ended 2H 2010 with revenues of $188.8 million or an 11 percent increase from the same period in 2009.

Arthur Tan, president and chief executive officer, IMI, said, "Larger orders from our major customers in the storage device, telecommunication infrastructure, automotive, consumer, and industrial electronics markets have buoyed our revenues. These customers experienced a rise in the demand for their products."

He added, "Economic recovery, despite the slow and bumpy pace, has shored up the end-consumers' confidence. They have resumed spending on technology, as evidenced by the more than 40 percent year-on-year growth in worldwide sales of semiconductors. Chip sales have been bolstered by the strong demand for PCs, cellphones, and other electronic devices."

IMI's net income after tax of $4.7 million for 1H 2010 is lower than the 2009 amount of $6 million, which included a nonrecurring insurance gain.

Tan noted, "We posted a positive bottom line despite challenges like the appreciation of the Philippine peso, which amplified manufacturing costs of our Philippine operations, and the rising costs of materials and labor, affecting our China factories. Notably, we remain financially robust, maintaining current and debt-to-equity ratios at favorable levels."

IMI's current ratio improved to 1.99:1 as of June 30, 2010, from 1.89:1 as of December 31, 2009. Its gross debt-to-equity ratio strengthened to 0.26:1 from 0.29:1.

The company's operations in China and Singapore posted $116.3 million in revenues in the 1H 2010, a 19 percent year-on-year growth. They accounted for 62 percent of IMI's total revenues. The Philippine operations recorded $72.4 million in revenues, a flat growth from the 2009 amount.

Sequentially, IMI's revenues in Q2 2010 of $98.3 million grew 9 percent from the $90.5 million in Q1 2010.

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