Integrated Micro-Electronics says Q1 earnings down 70%

Electronics manufacturing service provider Integrated Micro-Electronics Inc. (IMI) on Friday reported its earnings slipped in the first quarter despite higher revenues. Earnings dropped 70.3 percent to $253,100 in January to March from $853,900 a year earlier, IMI noted in a statement to the Philippine Stock Exchange. Revenues rose 8.5 percent to $164.8 million, the Ayala-led company said. “Worldwide demand for electronic products remains challenged as the Eurozone, the US,  Japan, and China tread uncertain economic waters," noted Arthur Tan, president and chief executive officer. Despite lower earnings for the company, Tan said the semiconductor industry is showing signs of recovery. "But at IMI we are experiencing improved performance at our European, North American and Philippine operations, an indication of a  healthy recovery in 2013 albeit not across all markets,” Tan added . Expenses jumped to $11.0 million from $10.1 million, according to the company. — VS, GMA News