Cirtek bucks electronics industry downtrend
MANILA, Philippines - Laguna-based semiconductor manufacturer Cirtek Holdings Philippines Inc. said its earnings grew by double digits last year, defying industry trend.
The publicly listed company told the stock exchange on Tuesday, January 22, its net income after tax grew 11% to $4.4 million in 2012 from $3.96 million in 2011.
This was on the back of a 9% rise in its consolidated sales to $40.5 million from $37.1 million in 2011.
Cirtek attributed its strong performance to "customer- and application-specific packages."
The company performed strongly amid the weakness in the electronics sector due to slow demand from the Philippines' trading partners. Government data showed electronics shipments fell by an annual 5.19% in January to November 2012 to $21.05 billion. Semiconductors, the main component of the electronics group, fell 2.13% to $16.25 billion.
Cirtek cited its "unique" manufacturing strategy as the one reason for this. "Unlike most companies of similar size that focus on few major customers and high-volume standard products, we have over 45 regular customers and a very diversified product portfolio."
Cirtek expects its revenues to grow 25% this year, boosted by "joint ventures and acquisitions." - Rappler.com