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IMI’s nine-month profit surged 72% to $41.4m

Integrated Micro-Electronics Inc. said nine-month net income jumped 72 percent to $41.4 million from $24.1 million year-on-year.

IMI said in a disclosure to the stock exchange this year’s nine-month net income included favorable one-off items and non-operating profit from recent transactions, such as the sale of a Shenzhen entity and foreign exchange losses.

Excluding these one-offs, net income stood at $28.9 million, 4.7 percent from $27.6 million on year.

“The fast-paced evolution of automotive and industrial segments resulting to unexpected demand for components is creating pressure in constrained markets,” IMI chief executive Arthur Tan said.

“As we face the current challenges, IMI continues to strive in setting the bar to key technological advancements and remain ahead of the curve. We continue to expand our reach in countries which we believe will reap positive benefits and develop a competitive edge in the global market,” he added.

Nine-month revenues grew 27 percent year-on-year to $1.01 billion from $795 million  in 2017. Jenniffer B. Austria

Topics: Integrated Micro-Electronics Inc. , IMI , net income
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