Chipmaker Cirtek grows H1 profits by 6%

PROFITS of Laguna-based chipmaker Cirtek Holdings Philippines Corp. slightly grew in the first half as the industry’s growth continues to be hampered by the lingering economic crisis in the West, the company said in a statement on Thursday.

Cirtek said it posted a $1.8 million net income after tax, 5.88% higher than $1.7 million reported in the same period last year.

This comes as consolidated sales in January to June grew by 5.46% to $19.3 million, from $18.3 million in the same period last year.

“The first six months of 2012 has been challenging for the global semiconductor industry, with the Europe debt crisis, sluggish US economy and growth slowdown in China affecting demand for electronic products using semiconductor devices,” the company said. – Cliff Harvey C. Venzon