INTEGRATED Micro-electronics, Inc. (IMI) booked a 20.6% increase in earnings in the third quarter of 2017, pushed by the positive performance of its recent acquisitions as well as the overall growth in the automotive sector.

The electronics arm of Ayala Corp. reported a net income attributable to the parent of $7.05 million in the July to September period, higher than the $5.85 million it realized in the same period in 2016.

This follows a 43% increase in revenues to $294 million, from $205 million a year ago.

“IMI today is different from the IMI more than ten years ago in the way we do things. We are now in the forefront of taking electronics to the next level penetrating high reliability markets and moving forward to a more advanced automotive electrification and autonomous driving,” IMI Chief Executive Officer Arthur R. Tan was quoted as saying in a statement.

Including the company’s first half earning results, IMI’s attributable profit jumped to $24.09 million in the nine months ending September, 15% up from the same period in 2016. Revenues for the period meanwhile grew 29% to $795.2 million.

The company attributed the increase to a rise in the demand for its automotive and industrial products. Its operations in Europe and Mexico for instance saw a 15% year-on-year growth in revenues in the January to September period due to higher demand for automotive lighting.

IMI further noted ongoing expansions and product introductions in the Mexico market that is helping support demand for its North American operations.

Revenues from China grew at a minimal 1%, as the company saw softer demand under its telecom infrastructure business. This however was offset by the growth in both automotive and industrial segments.

In the Philippines, revenues came in at $197.9 million, 4% higher year-on-year, riding on the back of new industrial applications.

The company’s acquisitions for 2017, which include VIA Optronics and STI International, contributed a total of $136.2 million for the period.

“We continue to gain momentum as the synergetic effects of our recent acquisitions kick in. As IMI builds its competence around the next generation of technologies in high value markets, we will be more involved in the ever evolving global value chains in the automotive, industrial, and aerospace markets,” IMI President and Chief Operating Officer Gilles Bernard said in a statement.

Shares in IMI rose 60 centavos or 3.3% to P18.80 apiece at the stock exchange on Friday. – Arra B. Francia

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