In a disclosure to the Philippine Stock Exchange yesterday, IMI said consolidated sales revenues climbed 24 percent to $152 million, largely due to its expansion in Europe and Mexico.
Revenues from its operations in Europe and Mexico amounted to $40.9 million.
"With our company’s implementation of a global geographic expansion, we have realized a diversity in markets and operations. A healthy mix of customers and programs has cushioned the effects on our financial performance of the global electronics industry slowdown,” said Arthur Tan, president and chief executive officer of IMI.
IMI’s operations in China and Singapore registered combined revenues of $61.7 million, five percent lower than the year before, largely due to a reduction in turnkey sales to a customer in the telecommunication infrastructure market.
Philippine operations, on the other hand, generated $38.2 million in revenues, up four percent on strong programs in the consumer and automotive segments.
PSi Technologies, Inc., a subsidiary of IMI, raked in $10.9 million in revenues.
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