LAGUNA-based Cirtek Holdings Philippines Corp. said its net income fell 1 percent during the nine months of the year through September to $5.57 million, from the $5.6 million last year, despite higher sales.
This is due to the increase in the operating expenses that almost doubled, to $5.8 million from $3.1 million last year. Sales grew 26 percent year-on-year 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, the company said.
Quintel, a United States-based antenna firm that supplies to telecommunication firms 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.
Cirtek expects Quintel to double its full-year revenue in 2018 from 2017.
“Our operating entities are on track to hit forecast revenue of $100 million for 2017 before group consolidation,” the company said.