Cirtek sees faster growth next year

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02:46 AM December 17th, 2012

By: Doris C. Dumlao, December 17th, 2012 02:46 AM

MANILA, Philippines—Laguna-based electronics manufacturer Cirtek Holdings Philippines Corp. is upbeat on its prospects for next year, targeting to grow faster than the 6- to 14-percent projected growth for the industry.

“The company is expected to outperform the industry in terms of percentage sales growth; this statement is based on the company’s track record of consistently outperforming the industry and forecasts provided by Cirtek’s key customers,” the company said in a statement Friday night.

Cirtek said that on top of growth that would come from existing customers and existing packages, an additional $3 million in revenues would come from a combination of new packages and new customers. This represents a preliminary assessment of the value of new business for 2013. “This is in addition to the growth expected from the current business (from) existing customers and existing products/packages of Cirtek,” the company said.

The new business is seen coming from technology intended for mobile phone applications, gadgets and accessories, telecommunications, networking as well as customer specific application devices.

So far this year, Cirtek grew its nine-month net profit by 25 percent year on year to $2.9 million on the back of a strong performance in the third quarter despite a challenging global environment. The company said it was on track to achieve a 9- to 12-percent growth in net profit after tax alongside a 10-percent jump in top-line revenues this year.

Cirtek recently entered into joint venture agreement with Sony LSI Design Inc. for the sale and manufacture of test boards. The company is working closely with Sony LSI during the initial stages of the business.

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