IMI net income up 34% in 2018

Integrated Micro-Electronics Inc. (IMI) posted a 34-percent increase in bottom line last year, driven by its tradtional businesses.

In a regulatory filing submitted by IMI Finance Manager Laurice Dela Cruz, the company reported a net income of $45.5 million on that rose 24 percent to $1.35 billion.

“2018 was a challenging yet exciting year. Although the company was affected financially by the global component shortage issue, we are confident that the choices we made years ago were the right decisions,” said IMI CEO Arthur Tan.

“We remain committed in our strategy to develop complex and high value products that allows us to remain relevant in our focused target markets.”

Its bottom line in 2018 includes non-operating items such as net gain on the sale of a China entity.

Its business pipeline likewise expanded with $320 million in new projects, 72 percent of which involved automotive applications.

“This drive to be a critical contributor to the digital car of tomorrow and other technological breakthroughs will enable us to deliver and meet increasing expectations of our stakeholders,” said Tan.

The company spent $65 million in 2018 to build more complex manufacturing capabilities, largely funded by proceeds from a stock rights offering. —Jon Viktor Cabuenas/VDS, GMA News