Revenues from China and Singapore operations were 6% lower than year-ago levels due to reduced volumes in a telecommunications infrastructure program and a delay in the production of new models for an industrial electronics program.
On the other hand, revenues from Philippine operations grew by 3% year-on-year. IMI recognized revenues this year from its new subsidiaries in Europe and Mexico which combined contributed US$86 million in the first six months of the year.
Lower operating expenses resulted in a 22% increase in EBITDA and consequently an improvement in IMI's bottomline.
While the outlook for the global electronic industry remains on positive trend, this is tempered by the uncertainty and weakness in the global economic environment.
IMI continues to invest in research and development as well as process improvements to take advantage of the uptrend in emerging applications of electronics for the industrial and medical fields as well as renewable energy.
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