MANILA, Philippines – Laguna-based technology firnm Cirtek Holdings Philippines Corp. saw an eight percent rise in its first half profit to $3.5 million on the back of higher revenues.
Revenues grew 15 percent to $32.5 million with the RF/microwave/millimeter wave business accounting for 37 percent of total.
In the second quarter alone, Cirtek reported a 10 percent growth in net income to $2 million as revenues expanded by 23 percent to P17.5 million due to the strong performance of its broadband and antenna systems business under Cirtek ATS.
Cirtek remains optimistic about its performance for the rest of the year as it sees the global millimeter wave technology market growing 45 percent annually, with a total addressable market of $12 billion by 2020.
To take advantage of the expected growth in the millimeter wave market, Cirtek intends to continue to deliver high-end box build finished products, test-board fabrication, test solutions, and product support businesses required by its customers.
The company is also developing proprietary wireless products and components for the wireless communication industry. It expects to begin selling these products in the fourth quarter of the year.
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Cirtek likewise plans to continue to expand its high capacity, multi-port, multi-band antenna business with Quintel.
Apart from this, Cirtek is evaluating acquisition opportunities that will either significantly scale up its manufacturing operation or give it access to high-end research and development capabilities.
Cirtek Holdings Philippines Corp. (CHPC) is the holding company of Cirtek Electronics Corp. and Cirtek Electronics International Corp., which is collectively known as the Cirtek Group.