Cirtek remains open, receives more orders

cirtek remains open receives more orders - Cirtek remains open, receives more orders
Cirtek - Cirtek remains open, receives more orders
LAGUNA-BASED semiconductor manufacturer covers a wide range of applications and industries

ELECTRONICS manufacturer Cirtek Holdings Philippines Corp. said it is receiving more orders at present as it maintained operations while Luzon is on lockdown.

In a disclosure to the stock exchange yesterday, the listed company said “customer’s order(s) are still coming in even better” because its competitors have shut down operations during the month-long quarantine.

The government has put Luzon under enhanced community quarantine, which is scheduled to expire on April 12, to contain the spread of the coronavirus disease 2019 (COVID-19). It exempted, however, some persons such as those working in export-oriented businesses.

“Cirtek remains COVID-19 free… [It] has implemented its Workplace Policy and Program on COVID-19 Prevention and Control in compliance with the requirements of the Department of Labor and Employment and the Department of Health,” it said.

Cirtek’s primary business is in manufacturing various technology products used in communications, consumer electronics, power devices, computing, automotive and industrial sectors. These are exported across Europe, United States and Asia.

“Cirtek will continue to secure the health and safety of its employees and will follow the rules and guidelines imposed by the government,” it said.

The company posted an attributable net income of $1.95 million in the first nine months of 2019, down 65% from a year ago due to a 21% decline in revenues to $69.56 million.

Shares in Cirtek at the stock exchange gained 30 centavos or 7.89% to P4.10 apiece yesterday.

IONICS BRACES FOR LOCKDOWN’S IMPACT
Meanwhile, electronics manufacturer Ionics, Inc. said while it also maintained partial operations during the lockdown, the quarantine may negatively affect its earnings in the first half.

“This quarantining of Luzon for a month, with minimal operation allowed, is anticipated to impact adversely on the performance of the first quarter of 2020,” it told the stock exchange yesterday.

“Barring uncertainty on the outcome of the Luzon-wide enhanced community quarantine in mid-April and the resumption of full production, the result of second quarter operation may likewise be affected,” it added.

Ionics had an attributable net income of $3.07 million in the nine months to September 2019, lower by 6% from a year ago. Its shares at the stock exchange saw a two centavo or 2.08% uptick to P0.98 apiece yesterday. — Denise A. Valdez

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