Cirtek Holdings Philippine Corp., a listed semiconductor and antenna assembler, said Monday net profit in the first quarter declined 11 percent year-on-year to $1.55 million, hurt by lower sales of the semiconductor and antenna business.
Companies listed on the Philippine Stock Expected, if qualified, may report their financial performance using currencies other than the Philippine peso.
It said net sales in the first quarter was down to $17.1 million from $19.8 million in the year-earlier period, with the 55 percent increase in the revenue of unit Quintel not enough to overcome the revenue weakness show by the semiconductor and antenna businesses.
Quintel saw first-quarter revenue rise to $6.3 million, not enough to cover the slack in semiconductor and antenna businesses whose sales dropped 17 percent to $8.8 million and 61 percent to USD5 million, respectively.
Cost of sale, which includes raw materials, spare parts, supplies and workers salaries, declined 11 percent year-on-year to $12.4 million.
