LAGUNA, PHILLIPPINES – Cirtek Holdings Philippines reported first quarter consolidated revenues of $25.9 million, an increase of 53% compared to the same quarter in 2017.

Net profit for the quarter was $1.9 million, up 14% year-over-year.

Growth is attributed to the sales contribution of newly-acquired antenna manufacturing business Quintel, along with gross profit of Cirtek Advanced Technologies and Solutions from sales to Quintel in the first quarter.

Quintel’s revenue contribution for the quarter was $14.7 million. During the period, Quintel registered a net loss of $1.1 million. Quintel achieved break-even in the month of March and is expected to be profitable starting in the second quarter.

Before consolidation, revenues from the radio frequency/microwave/millimeter wave and antenna manufacturing business amounted to $12.2 million, up 53% year-over-year.

Revenues from the semiconductor business rose 6% to $9.4 million. Profit after tax amounted to $754,000.

For 2018, Cirtek expects to increase sales to AT&T and Verizon by at least 60%.

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