MANILA, Philippines – CIRTEK HOLDINGS Philippines Corp. posted a 26% year on year growth in net sales for the nine months ending September 30, 2017. Net sales rose to $67.9 million from $54 million for the same period last year.
The increase was mainly accounted for by the sales growth of the company’s antenna systems business under Cirtek Advanced Technologies and Solutions Inc. (CATSI), which doubled from the same period in 2016, accounting for 30% of the company’s revenue over 9 months.
In addition, Quintel, a US-based antenna firm that supplies to telco giants AT&T and Verizon, which Cirtek purchased in August, accounted for the 12.6% of the company’s revenues from two months of sales. The company shared that it expects Quintel to double its full-year revenue in 2018 from 2017.
Cirtek said its operating entities are on track to hit forecast revenue of $100 million for 2017 before group consolidation.
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Cirtek Holdings Philippines Corporation(CHPC) is the holding company of Cirtek Electronics Corporation (“CEC”) and Cirtek Electronics International Corporation (“CEIC”), (collectively the “Cirtek Group”). Through its subsidiaries, the Company is primarily engaged in three major activities: (1) design, production and delivery of state of the art base station antenna systems for wireless communication, (2) provide complete manufacturing solutions for value-added, highly integrated radio frequency (“RF”), microwave and millimeterwave technology products, and (3) provide full service/turnkey solutions including wafer probing, wafer back grinding, assembly, packaging and final testing of semiconductor devices.
CHPC through its subsidiaries harnesses more than 54 years of combined operating track record. The Company’s products cover a wide range of applications and industries, including communications, consumer electronics, power devices, computing, automotive, and industrial.
CHPC is listed on the Philippine Stock Exchange in November 2011 and carries the ticker symbol “TECH”.
For investors inquiries, please contact:
Anthony Buyawe +63 917.8095129 as.buyawe@cirtek.ph
Forward Looking Statements
This press release contains statements about future events and expectations that constitute “forward-looking statements.” These forward-looking statements include words or phrases such as the Company or its management “believes”, “expects”, “anticipates”, “intends”, “may”, “plans”, “foresees”, “targets”, “aims” “would”, “could” or other words or phrases of similar import. Similarly, statements that describe the Company’s objectives, plans or goals are also forward-looking statements. All such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Such forward looking statements are made based on management’s current expectations or beliefs as well as assumptions made by, and information currently available to, management. These forward-looking statements speak only as at the date of this press release and nothing contained in this press release is or should be relied upon as a promise or representation as to the future.