Cirtek’s profit down to $2.3 million in first half

Semiconductor manufacturer Cirtek Holdings Philippines Inc. said net income in the first half of the year dropped 70 percent to $2.3 million from $7.5 million year-on-year on lower revenues.

Cirtek said in a disclosure to the stock exchange first-half revenues fell 11 percent to $48.6 million from $54.8 million on year.

“The global economic slowdown and unique industry challenges have negatively affected demand for electronic and communication devices. As a result, revenue and profitability for the first half of the year have been lower than expected,” Cirtek president Jorge Aguilar said.