Manila Standard by Jenniffer B. Austria
Cirtek Holdings Philippines Corp. said Wednesday it received a credit rating of PRS A (corp.) with a stable outlook from Philippine Rating Services Corp. on its planned fund-raising.
The rating was issued in relation to CHPC’s three-year shelf registration of commercial paper for up to P2 billion.
A company rated PRS A (corp.) has an above average capacity to meet its financial commitments relative to that of other Philippine corporates. The company, however, is somewhat more susceptible to adverse changes in circumstances and economic conditions than higher-rated corporates.
A stable outlook means the “rating is likely to be maintained or to remain unchanged in the next twelve months.
”Philratings considered the CHPC’s manageable liquidity and capitalization levels as well as Cirtek group’s established track record in the industry, supported by a strong and experienced management team that has navigated the Group through economic cycles, crises and industry challenges.
Philratings also noted CHPC’s strong customer base of well-established and global companies, improved profit margins despite lower revenues, attributable to the company’s cost management efforts.
CHPC is a fully-integrated global technology company focused on wireless communication. It is an independent, complete solutions provider for subcontract manufacturing of semiconductor devices and provides a broad range of assembly and testing services for various product applications and industries.
The company was able grow its operations amid a highly competitive and cyclical industry with larger international players.
CHPC’s consolidated revenues fell 14.4 percent in the first nine months of 2020 to $59.5 million from a year ago, pulled down by the 30-percent decrease in CHPC’s US-based subsidiary Quintel’s revenue contribution to $16.5 million.
The company, however, managed to reduce cost of sales at a faster rate of 18.2 percent to $44.4 million.
Nine-month net income slightly declined 1.7 percent to $3.6 million, while net profit margin increased by 5.3 percent to 6.1 percent from 5.3 percent in the same period a year ago.
Jul 14, 2021
Published By Revin Mikhael D. Ochave Business World
A UNIT of technology company Cirtek Holdings Philippines Corp. has extended a master supply agreement with two telecommunication companies in North America.
Cirtek said in a regulatory filing on Monday that the agreement between its telecom base station antenna unit Quintel USA, Inc. and two unnamed carriers provides for a business extension of another five years.
“This comes at a time following a series of new product introductions released by Quintel when fifth generation (5G) is at an inflection point,” Cirtek said.
“Quintel’s 5G products ...Read more
Mar 14, 2022
Published by Malaya
Cirtek vaccination drive
Cirtek Holdings Philippines Corp. has extended its support to facilitate the drive to have majority of its employees vaccinated against COVID-19.
The company worked with Laguna Technopark’s vaccination facility by fielding its own set of medical volunteers, giving its employees easier access to a vaccination facility directly adjacent to the company’s facility.
This drove the workforce’s vaccination rate to 99.7 percent at present. The company’s medical team is moving forward to provide booster shots.
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Dec 02, 2021
Published by Business Mirror
Laguna-based Cirtek Holdings Philippines Corp. on Thursday said it secured the green light of the Securities and Exchange Commission for its primary offering of up to 50 million in perpetual preferred shares.
The company is selling its preferred shares to be classified as class B-2 subseries C or D shares at P50 apiece. Cirtek expects to raise some P2.5 billion from the offering.
The public offer period will run until December 3 and will be listed on the Philippine Stock Exchange on December 14.
Cirtek has been allowed to offer up to 70 million shares, or proceeds ...Read more