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Cirtek sees revenues rising 35% to $100m

Cirtek Holdings Philippines Corp., a Laguna-based technology company, said it expects revenues to reach over $100 million this year, or 35 percent higher than the $74.3-million revenues registered in 2016.

Cirtek said in a statement it lined up strategies to boost revenues this year, including acquisition opportunities, strengthening manufacturing operations and beefing up international presence.

Cirtek reported a 25-percent increase in revenues in 2016 from $59.5 million in 2015 “due to the growth of the company’s semiconductor and antenna business.”

The company reported a net income after tax of $7.6 million in 2016, up 49 percent from $5.1 million in 2015, as Cirtek captured three major contracts from global semiconductor firms.

Cirtek also began commercial production of spectrum and space efficient base station antennas last year.

“The company is evaluating the feasibility of CM [contract manufacturing] operation in China to take advantage of lower manufacturing and freight costs,” the company said.

Cirtek, through subsidiary Cirtek Business Technologies and Solutions, began to provide wireless infrastructure solution to large enterprises such as high-capacity broadband wireless access technologies.

Among its current and potential clients are malls, condominiums, residential developments, educational institutions, telecommunications and cables firms.

“The company intends to expand its semiconductor business with both current and new customers. Commercial production for several tier 1 customers will commence by the third quarter of 2017,” it said.

The company said it was evaluating acquisition opportunities that would significantly scale up manufacturing operations through product or geographic/market complementation or giving it access to technology internet protocol and high-end research and development capabilities.

The company said it would continue to expand its global customer footprint by beefing up international sales in key markets such as the US, Europe and Asia.

Cirtek said it would also expand its high capacity, multi-port and multi-band antenna business with Quintel.

Topics: Cirtek Holdings Philippines Corp. , revenues
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