Integrated Micro-Electronics Inc. (IMI), a unit of conglomerate Ayala Corp., said Wednesday its first half net income surged 173 percent to $3.1 million from $1.1 million a year earlier.

 

In a disclosure to the Philippine Stock Exchange, IMI said income largely grew from the company’s expansion in Europe and Mexico as well as expanded operations in the Philippines.

 

The company was also able to reduce operating expenses in its Philippine operations.

 

Philippine operations posted $79.5 million in revenues, up 3 percent due to “strong programs in the computing and consumer segments.”

 

In China and Singapore, revenues slid 6 percent to $134.9 million because of “reduced volume in a telecommunication infrastructure program and delay in the production of new models for an industrial electronics program.”

 

IMI’s subsidiaries in Europe and Mexico registered $85.7 million in revenues, while subsidiary PSi Technologies Inc. posted a $25

million.

 

“Given the unstable state of developed economies and the slowdown in China, we managed to grow both revenues and income on demand from core customers and acquisitions,” IMI president and CEO Arthur Tan said.

 

The company’s cash balance for the first half was $43.9 million.

 

Despite the positive trend,” "the optimism is… tempered by shaky macroeconomic factors. Thus our company cannot be complacent with the performance it has recorded so far,” Tan noted. — MJC/VS, GMA News