LISTED semiconductor firm Cirtek Holdings Philippines Corp. (CHPC) said on Monday its consolidated revenues for full-year 2016 grew 25 percent to $74.3 million from $59.5 million in 2015, on strong growth in its semiconductor and antenna systems businesses.
Net income after tax amounted to $7.6 million, a 49 percent increase from the $5.1 million recorded in the same period.
“The increase in revenue was due to the growth of the company’s semiconductor and antenna systems businesses,” Cirtek said in a statement.
It said semiconductor sales grew by 3 percent, while antenna systems contributed $19.3 million to total consolidated sales.
This year, Cirtek expects its consolidated revenues to exceed $100 million as the company has just begun providing wireless infrastructure solution to large enterprises through its subsidiary Cirtek Business Technologies and Solutions (CBTS), using internally-manufactured multi-gigabit, millimeter wave backhaul equipment and high-capacity broadband wireless access technologies.
It is also eyeing several expansions, including expanding its semiconductor business with both current and new customers; beefing up its international sales presence and client coverage in its key markets; expanding its customer base for its finished products, test-board fabrication and test solutions, product support businesses; and expanding its high capacity, multi-port, multi-band antenna business with Quintel.
The company said it is also evaluating the feasibility of establishing a contract manufacturing (CM) operation in China to take advantage of lower manufacturing and freight costs.
It added that it is currently evaluating acquisition opportunities that will significantly scale up its manufacturing operations or give it access to technology IP and high-end R&D capabilities and that it intends to conclude one major acquisition in 2017.
CHPC is the holding company of Cirtek Electronics Corporation (CEC) and Cirtek Electronics International Corporation (CEIC), (collectively the “Cirtek Group”).
Through its subsidiaries, CHPC is primarily engaged in providing full service/turnkey solutions including wafer probing, wafer back grinding, assembly, and packaging and final testing of semiconductor devices, and offering complete manufacturing solutions for value-added, highly integrated radio frequency (RF), microwave and millimeter wave technology products.