Ayala tech firm?s Q1 income up 128%

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IMI?s consolidated sales revenues of $152 million improved by 24 percent year over year. Arthur Tan, IMI president and chief executive officer, said, ?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.? IMI?s subsidiaries in Europe and Mexico contributed $40.9 million revenues in the first quarter of 2012. The company?s operations in China and Singapore posted $61.7 million in combined revenues, a decline of 5 percent year-on-year due primarily to a reduction in turnkey sales to a customer in the telecommunication infrastructure market. IMI?s Philippine operations generated $38.2 million revenues, a 4 percent year-on-year growth because of strong programs in the consumer and automotive segments. PSi Technologies, a subsidiary of IMI, recorded $10.9 million in revenues. ?We remain financially stable with a cash balance of $50.5 million at the end of the first quarter of this year,? said Tan. IMI?s current ratio and debt-to-equity ratio are 1.6:1 and 0.4:1, respectively. Tan said, ?In an environment of fragile global economic expansion, we are confident that we will grow our business for the rest of the year.? Tan added, ?We have a robust sales pipeline for the automotive, industrial, consumer, and renewable energy markets. We expect more business in Asia given the economists? outlook of high growth rate for China and the rest of emerging Asia. Likewise, we will tap into our broader global footprint and expanded technical capability to take advantage of improving economies like Japan, the United States, Germany, and France.?]]>

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