Cirtek Holdings Philippines Corp., a Laguna-based electronics manufacturer, said it expects sales to accelerate 35 percent this year, as it plans to introduce new products.
Cirtek said in a disclosure to the stock exchange unit Cirtek Electronics Corp. expected to introduce at least four products in 2016, while Cirtek Advanced Technologies and Solutions would launch six products in the first half.
Cirtek said it intended to win new customers by strengthening global sales presence and was evaluating acquisition opportunities that would either significantly scale up manufacturing operations or give it access to high-end research and development capabilities.
Cirtek said core net income in 2015 jumped 35 percent to $5.1 million from $3.8 million in 2014, as consolidated revenues increased 15 percent to $59.6 million from $51.8 million.
The increase in revenue was due to the growth of the company’s semiconductor and broadband businesses, which grew 46 percent year-on-year while semiconductor sales rose 5 percent.
Cirtek Advanced Technologies secured a multi-year manufacturing contract with US based Quintel, a leading innovator of spectrum and space-efficient base station antennas, in November 2015.
The contract is estimated to be worth $15 million to $20 million for the first 12 months, with the potential to double within the next two to three years.
The company completed the construction of a third building in its Laguna facility in December 2015.
The new facility provides additional production capacity to Cirtek to meet increased orders from existing key customers and support new contracts.
The company became a cornerstone investor in a Silicon Valley-based software company that was developing an open-sourced network management system for enabling a low cost, scalable global WiFi project.
It also set up a new subsidiary to provide wireless infrastructure solutions, both connectivity and content, to large enterprises using internally-manufactured multi-gigabit, millimeterwave backhaul equipment and high-capacity broadband wireless access technologies.
“Potential clients are private and public enterprises such as malls, condominiums, educational institutions, business outsourcing companies, connectivity service providers among others, that require either backhaul and access services to underserved areas and areas where there are no fiber lines available,” Cirtek said.
