Image via WikipediaIntegrated Micro-Electronics Inc. (IMI), a subsidiary of Ayala Corporation, reported a 53 percent drop in profits attributable to equity holders of the parent company to $4.47 million last year from $10.07 million in 2009.
In a disclosure to the Philippine Stock Exchange, IMI said it recorded $412.3 million in consolidated revenues, a growth of 4 percent, due to the sustained strong performance of IMI’s China operations and incremental revenues from its acquisition of PSi Technologies, Inc.
“Despite unusual levels of uncertainty in the supply and demand situations for raw materials and electronic end-products, IMI sustained its profitability through intensified cost-cutting and operational streamlining initiatives,” said IMI president Arthur Tan.
He added that “we were considerably impacted by the declining consignment or captive business with some of our Japanese original equipment manufacturer (OEM) customers, the rising costs of materials and labor in China, and the appreciation of the Philippine peso.”
Tan said IMI remains financially robust, ending the year with a cash balance of US$38 million. Its debt-to-equity ratio stays healthy at 0.33:1.0. “Moreover, we have sufficient credit facilities to support funding requirements of our expansion program,” he said.
The combined China and Singapore operations generated $248.8 million in revenues, accounting for 60.4 percent of total IMI revenues.
http://www.mb.com.ph/node/306187/ayala
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