PHOENIX Semiconductors Philippines Corp. (PSPC), one of the country’s largest semiconductor chip makers, announced on Tuesday its net income grew 26 percent in the first quarter from a year earlier, driven by increased operating efficiencies and cost-management programs.
PSPC said operating income, net income, and diluted earnings per share amounted to $6.43 million (P286.1 million), $5.3 million and $0.0024 per share, respectively for the period under review.
The company attributed its growth to continued robust revenue performance amid strong demand for semiconductors during the quarter. PSPC posted total revenue of $59.58 million in the quarter, a 16 percent increase from $51.57 million during the same period last year.
The chip maker said that with sustained growth in smart mobile device usage, PSPC is poised to remain the preferred and top supplier of memory semiconductor components for global technology giant Samsung.
“Investments we have been making over a number of years are now coming together to create a mix of semiconductor products with tremendous opportunity to better serve ever-changing consumer demands in the end-user market,” Dongjoo Kim, PSPC chief finance officer, said in a statement.
“Our IPO was purely the beginning of a new era at PSPC,” he said.
Inventory recognized as part of cost of goods sold amounted to $39.03 million in the first quarter of this year, up from $31.88 million in the same period last year.
Total cash used in investing activities stood at $3.30 million. The company continues to anticipate that cash flow for the year will be at the low end.
Total assets amounted to $201.93 million as of March 31, 2015 compared to $199.52 million as of December 31, 2014.
“Our solid execution and discipline in expense management allowed us to deliver a strong finish in 2014, marking a milestone year. We plan on sustaining our growth and intend to achieve this through constant innovation in technology for manufacturing and continuous improvement of our internal processes, with precision-focus on quality control, customer satisfaction and cost competitiveness,” Kim said.