Cirtek’s nine-month net sales jumps 26%
MANILA, Philippines — Cirtek Holdings Philippines Corp. posted a 26 percent year-on-year growth in net sales for the nine months ending September 30. Net sales rose to $67.9 million from $54 million for the same period last year.
The increase was mainly accounted for by the sales growth of the company’s antenna systems business under Cirtek Advanced Technologies and Solutions Inc., which doubled from the same period in 2016, accounting for 30 percent of the company’s revenue over nine months.
In addition, Quintel, a US-based antenna firm that supplies to telco giants AT&T and Verizon, which Cirtek purchased in August, accounted for the 12.6 percent of the company’s revenues from two months of sales. The company shared that it expects Quintel to double its full-year revenue in 2018 from 2017.
Cirtek said its operating entities are on track to hit forecast revenue of $100 million for 2017 before group consolidation.
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