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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.
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