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TMCNet:  Cirtek sees 25-percent growth in 2013

[January 22, 2013]

Cirtek sees 25-percent growth in 2013

Jan 23, 2013 (The Manila Times - McClatchy-Tribune Information Services via COMTEX) -- Cirtek Holdings Philippines Corp. is projecting 25-percent general growth this year that would largely come from its joint venture plans and acquisitions, adding that its 2012 profit grew to $4.4 million.



For 2013, the company said on Tuesday that it forecasted its top-line to grow by at least 25 percent, of which 10 percent is expected to come from its existing businesses, while the remaining 15 percent will be accounted for by joint ventures and acquisitions.

"The company has a clear growth strategy, which is to compliment organic growth with alliances and acquisitions that result in either of the following: operational synergy; capacity expansion; product and/or geographic expansion; acquisition of new technology," it added.

Cirtek posted a 9-percent year-on-year growth in net sales in 2012, as well as 11-percent year-on-year growth in net profit.

Specifically, the firm's consolidated net sales for 2012 amounted to $40.5 million, compared with the $37.1 million in 2011, while its net income after tax reached $4.4 million in 2012, up from $3.96 million in 2011.

Cirtek said that the income growth was in line with its 2012 full-year financial target, adding that the growth over the last 12 months was driven mainly by customer- and application-specific packages, which are the company's core expertise.

At least 65 percent of Cirtek's output was attributed to customer-specific packages.

According to Cirtek, growth in 2012 came mainly from wireless communication, smart phones, tablets, radio frequency identification, LED and automotive industries.

Cirtek added that it has been able to leverage off its manufacturing flexibility to sustain growth.

"Cirtek is unique in that unlike most companies of similar size who focus on a few major customers and high-volume standard products. We have over 45 regular customers and a very diversified product portfolio," the firm said.

Over the past months the company has focused on establishing key alliances and concluding a key acquisition. Cirtek expects these initiatives to begin contributing to cash generation beginning this year.

In November 2012, the firm announced a nine-month income of $2.9 million despite the flat growth for its global semiconductor billings in the preceding three quarters. This was up 25 percent from the same period in 2011.

Also, Cirtek's consolidated revenue for the nine months ending September 30 2012 reached $29.8 million, which is 9-percent higher compared to the same period last year.

"The nine months of 2012 was difficult for the global semiconductor industry as weak economic conditions in major markets have reduced demand for electronic products using semiconductor device," Cirtek said earlier.

___ (c)2013 The Manila Times (Manila, Philippines) Visit The Manila Times (Manila, Philippines) at www.manilatimes.net Distributed by MCT Information Services

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