Integrated Micro-Electronics Inc., the global electronics manufacturing unit of conglomerate Ayala Corp., said net income in 2014 soared 177 percent to $29.1 million from $10.5 million in 2013 on strong local and overseas operations.
IMI said in a disclosure to the stock exchange revenues rose 13 percent to $844.5 million from $745.0 million in 2013.
“The year 2014 was a banner year for IMI as we outperformed the… industry’s single-digit growth rate and our financial targets. Our global presence and market diversity took advantage of the recovery of the international markets and electronics segments,” IMI president and chief executive Arthur Tan said.
The company’s China operations posted revenues of $325.6 million, up 17.5 percent from last year’s primarily due to volume expansion in the telecommunications segment.
The company benefitted from China’s 4G rollout by way of increased demand for infrastructure devices. The firm’s Europe and Mexico operations also contributed 32 percent to the full year revenues.
With the sustained expansion of the automotive business in IMI Bulgaria, revenues rose 14.4 percent to $268.6 million from a year ago level, driven by the steady growth rate of global automotive production in 2014.