After registering more than 10-percent growth in profit and revenues for the first half, Cirtek Holdings Philippines Corp. (Cirtek) is now confident that it could register the same level of growth in its core business in the third quarter alone.
“The company remains confident it can sustain its growth momentum and continue to outperform the industry. Cirtek’s core business is forecast to grow by 10 percent in the third quarter of the year,” the listed semiconductor firm said.
For the first half, Cirtek registered consolidated revenues of $21.4 million and net income after tax of $2 million, a year-on-year increase of 11 percent and 12 percent, respectively.
According to Cirtek, this increase in profit and revenues was weak, despite recovery in advanced economies and slowdown in China’s economy.
Consolidated net sales of the firm for the period also amounted to $21.4 million, compared with $19.3 million for the same period in 2012.
Meanwhile, revenue from Cirtek’s accretive business, or new projects and potential acquisitions, is seen to contribute between 2-percent and 5-percent growth in the third quarter.
“The company will maintain strict cost control programs and minimize its capital expenditure for the remaining two quarters of 2013 to consolidate full-year operating performance,” Cirtek said.