SFA Semicon Philippines Corp. (SSP) reported that its first-quarter net income attributable to parent equity holders went down by 20.2% to $3.19 million from $4 million despite higher revenues.

In the first quarter, revenues increased by 13.8% to $89.95 million from $79.06 million in 2021, driven by sales of card, blister, and module products.

“Based on the management’s assessment, the events surrounding the COVID-19 (coronavirus disease 2019) pandemic did not have a material impact on the financial position and performance of the company [in the first quarter],” the firm said in its quarterly report.

Last Thursday, the company announced that it approved the implementation of a share-buyback program of up to P130 million or nearly $2.5-million worth of common shares.

SSP is a global outsourced semiconductor assembly and test company whose facilities are located in the Philippines.

The company completed the second phase of its manufacturing and support facility with a production footprint of 15,000 square meters in 2018.

The facility augments the capacity of its first integrated manufacturing plant which serves as an exclusive outsourced semiconductor assembly and test facility for the assembly and test of DRAM memory modules, memory component chips, memory solutions and SD flash cards for its customers through SFA Semicon Co., Ltd. of South Korea, its parent company.

At the stock exchange on Friday, SSP shares ended lower by 3.33% or four centavos to close at P1.16. — Luisa Maria Jacinta C. Jocson