Cirtek Holdings Philippines Corp. (CHPC) grew its net income by 14% in the first quarter of 2018, driven by a double-digit increase in revenues following the consolidation of its recently acquired firm alongside higher sales in its semiconductor unit.
In a regulatory filing, CHPC reported a net income of $1.94 million in the January to March period, higher than the $1.7 million it generated a year ago. This was supported by a 53% increase in revenues to $25.86 million.
“The increase was accounted for by the three-month contribution of Quintel, a United States-based product and research and development company acquired in August 2017, and growth in semiconductor sales,” the company said.
CHPC acquired Quintel for $77 million last year as parts of efforts to expand its footprint in the antenna market that is seen to grow into a $14-billion industry by 2020.
Quintel’s contribution to CHPC’s revenue reached $14.7 million in the first quarter. At the same time, it recorded a net loss of $1.1 million. The listed firm noted that Quintel achieved break-even last March, and is due to become profitable by the start of the second quarter. — Arra B. Francia

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