Cirtek income slips

CIRTEK HOLDINGS Philippines Corp. posted an 11.3% decline in its attributable net income to $1.57 million in the first quarter from $1.77 million last year.

The decline came about after it recorded a 13.4% decrease in its top line to $17.11 million in the first three months, from the $19.76 million it booked in the same period in 2022.

“The decrease accounted for was mainly due to the decrease in revenue from radio wave, microwave, millimeter wave (RF/MW/mmW) and semiconductor business,” the company said.

Revenues from RF/MW/mmW and antenna manufacturing business amounted to $2 million, a 61% decline from the $55 million a year ago. The semiconductor business accounted for $8.8 million, a 17% decrease from $10.64 million.

Revenues from the Quintel group, which makes antenna solutions for wireless cellular networks, grew 55% to $6.3 million from $4.1 million previously.

Meanwhile, the cost of sales amounted to $12.42 million, down 10.8% from $13.93 million in the previous year. The decrease was mainly due to lower prices of raw materials, a decrease in depreciation and amortization, lower salaries, and inward freight and duties.

Operating expenses and finance costs were also lower at $2.65 million and $450,818, lower by 13.3% and 55% versus last year’s showing, respectively.

On Monday shares in the company closed unchanged at P2.96 each. — Justine Irish D. Tabile