Cirtek posts 11pct higher profit in 2012

Posted at 01/22/2013 12:54 PM | Updated as of 01/22/2013 1:01 PM

MANILA, Philippines - Profits of semiconductor assembler Cirtek Holdings Philippines Corp. rose 11% to $4.4 million in 2012 from $3.96 million in the previous year.

The growth came from the wireless communication, smart phones, tablets, radio frequency identification, LED and automotive industries, Cirtek said in a disclosure.

Sales during the year climbed 9% to $40.5 million from $37.1 million in 2011.

For this year, the firm aims to expand its top-line or gross sales by 25%, of which 10% will be from existing businesses and the remaining 15% from joint ventures and acquisitions.

"The company has a clear growth strategy, which is to compliment organic growth with alliances and acquisitions that result in either of the following: operational synergy, capacity expansion, product and/or geographic expansion, acquisition of new technology," Cirtek said.