Cirtek reports 7% net income hike in 2013

LAGUNA-BASED semiconductor firm Cirtek Holdings Philippines Corp. said its income slightly increased last year as a result of its introduction of new high-performance multichip packages used in high-power signal amplifiers for broadcast, telecom base stations, microwave and satellite communications.

The company said in a statement that it posted a net income after tax of $4.7 million (approximately P211.5 million) last year, up 7 percent from the previous year’s $4.4 million.

Revenues for the period reached $44 million, an 8-percent increase from $40.6 million in 2012, it said.

The company said preliminary data indicate that in 2013, worldwide semiconductor revenues grew by a only 5 percent to $315 billion from $300 billion in the previous year.

While recovery in the US and Europe has been sluggish, consumer confidence has improved, driving the sales of automotive and consumer electronic products such as tablets, mobile phones, home entertainment, the company said, quoting a report from research firm Gartner.

For 2014 analysts forecast the semiconductor industry to grow between 4 percent and 8 percent, as tablets and smartphones continue to be the key consumer items that will drive growth.

“Revenue from accretive business such as new products, new projects and potential acquisitions, will contribute an additional 5 percent to 8 percent of additional revenues in 2014,” it said.