Cirtek 2016 profit up 49%

MANILA, Philippines -  Laguna-based technology firm Cirtek Holdings Philippines Corp. reported a net income of $7.6 million last year, up 49 percent year on year.

The increase in profit was driven by a 25 percent growth in revenue to $74.3 million.

In a filing yesterday, Cirtek said the company’s semiconductor and antenna systems businesses boosted revenues.

Semiconductor sales rose three percent while antenna systems contributed $19.3 million to total consolidated sales.

Moving forward, Cirtek expects consolidated revenues from its current businesses to exceed  $100  million this year.

The company is currently evaluating acquisition opportunities that will significantly scale up its manufacturing operations through product or geographic and market complementation, or give it access to technology IP and high-end R&D capabilities.

In particular, Cirtek is looking to conclude one major acquisition this year as it remains upbeat on its prospects this year.

The global millimeter wave technology market is expected to witness double digit compound annual growth rate over the next 10 years.