Home Economy Cirtek books 58% higher income 

Cirtek books 58% higher income 

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CIRTEK Holdings Philippines Corp. reported an attributable net income of $1.05 million for the third quarter, up by 58.1% from $665,755 in the same quarter last year.

The increase came after a 4.8% increase in its top line to $22.74 million in the July-to-September period, from the $21.69 million it booked in the same period last year, based on its quarterly report disclosed on Tuesday.

In the nine months through September, Cirtek recorded an attributable net income of $2.23 million, down from $2.49 million a year ago.

Revenues declined by 9.7% to $61.23 million versus $67.79 million previously.

“The decrease accounted for were mainly due to 6% decrease in revenue contribution of CEC (Cirtek Electronics Corp.); 8% decrease in revenue contribution of CATSI (Cirtek Advanced Technologies and Solutions, Inc.); and 17% decrease in revenue contribution of Quintel,” the company said.

Revenues from the RF/MW/mmW and antenna manufacturing business amounted to $16.6 million, an 8% decline from $18 million in the same period in 2022. The semiconductor business accounted for $28.7 million, a 6% decrease from $30.5 million.

Revenue contribution from Quintel group, which makes antenna solutions for wireless cellular networks, declined by 17% to $16 million from $19 million previously.

During the three quarters, operating expenses were also lower by 5% to $7.2 million versus the $7.6 million posted last year.

On Tuesday, shares in the company declined by one centavo or 0.58% to close at P1.71 each. — Sheldeen Joy Talavera

CEDadiantiTyClea




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