Cirtek core earnings up 35% in 2015

MANILA, Philippines – Laguna-based technology firm Cirtek Holdings Philippines Corp. reported core earnings of $5.1 million last year, up 35 percent from $3.8 million in 2014.

The increase was attributed to the 15 percent growth in revenues to $59.6 million.

Officials attributed the increase in revenue to the growth of the company’s semiconductor and broadband business, particularly the RF, microwave and millimeterwave.

Semiconductor sales also rose five percent while sales from RF, microwave and millimeterwave products jumped 46 percent.

This was due to the successful introduction of new products last year such as customized over voltage and current protection devices that go into various industrial, telecom and network communications applications and QFN power devices that go into in the smallest charger devices that allow simultaneous charging of three electronic gadgets.

Subsidiary Cirtek Advanced Technology and Solutions (CATS) accounted for 25 percent of milimeterwave link deployments in the US.

Last November, CATS secured a multi-year manufacturing contract with US based Quintel, a leading innovator of spectrum and space-efficient base station antennas, for $15 million to $20 million for the first 12 months, with the potential to double within the next two to three years.

In December 2015, Cirtek also completed the construction of a third building in its Laguna facility, which provides additional production capacity to Cirtek in order to meet increased orders from existing key customers.

For this year, Cirtek expects sales from existing businesses to grow at least 35 percent.

The company is currently evaluating acquisition opportunities that will either significantly scale up its manufacturing operations or give it access to high-end R&D capabilities.

Through its subsidiaries, Cirtek is primarily engaged in providing full service/turnkey solutions including wafer probing, wafer back grinding, assembly, and packaging and final testing of semiconductor devices.

It also offers complete manufacturing solutions for value added, highly integrated radio frequency, microwave and millimeterwave technology products.