Cirtek sees 50% revenue boost from Quintel in 2018

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LISTED semiconductor manufacturer Cirtek Holdings Philippines Corp. expects its newly acquired business, Quintel Cayman Ltd., to contribute about half of the company’s total revenues starting next year.

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Cirtek Chief Finance Officer Anthony Buyawe told a news briefing on Thursday that for this year, Quintel is estimated to contribute 18 to 20 percent of total revenues, or about $20 to $25 million.

“Next year that will change. We do expect Quintel, as we grow the business, as it achieves scale, to be profitable. Once we’re able to take up the full-year financials of Quintel, probably close to 50—almost 50 percent—that’s our estimate,” he said.

Cirtek acquired Quintel in July this year for $77 million. The Laguna-based maker of base station antennas for wireless networks earlier said it expected Quintel to generate $128 million in revenues in 2018.

According to Buyawe, Cirtek plans to complement its business through the acquisition of potential firms that are “also in wireless technology, so that you end up offering a kind of suite of services to your customers.”

“There are other peripherals that come with base station antennas so we already have certain companies in mind that are interesting, and we will likely grow our presence and our product offering in the wireless communications side of the business,” Buyawe said.

Cirtek is expanding its business through an agreement with a Chinese firm to manufacture antennas in China. It also plans to expand its footprint to Central America, particularly in Puerto Rico and Mexico, among others.

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