NEWLY listed semiconductor firm Phoenix Semiconductor Philippines Corp. (PSPC) yesterday reported net income went up 62 percent for the first nine months of 2014 on strong sales of memory modules.
PSPC’s January to September net income rose to $13.35 million from $8.27 million a year ago, while revenues grew 10.9 percent to $171.14 million from $154.3 million previously.
The company said operating expenses in the period rose to $152.59 million from $137.95 million last year.
PSPC said it plans to spend an additional $173 million for its Phase 2 expansion apart from the $900 million it has invested so far since its establishment in the Philippines in February 2011.
The planned expansion includes the setting up of a manufacturing unit at the 146,363-square meter (14.6 hectares) leased property at the Clark Freeport Zone in Pampanga and acquisition of some machinery and production equipment.
More than 70 percent of the funding for the expansion program will come from bank credit facilities while the remainder will be funded from the proceeds of its P1.1 billion initial public offering.
The Korean-owned chipmaker debuted on the local market last December 1, raising a total of P1.14 billion from its IPO.
PSPC officials earlier said the company targets to post monthly revenues of $18.1 million after going public.