Cirtek Holdings Philippines Corp. Reports Consolidated Earnings Results for the Six Months Ended June 30, 2013; Provides Earnings Guidance for the Full Year of 2013
The global semiconductor industry is forecast to grow between 4.5%-8% in 2013, to be driven largely by wireless applications, automotive industrial and consumer electronics. However, industry growth could be affected by challenging macro and market conditions. The company remains confident it can sustain its growth momentum and continue to outperform the industry. Cirtek's core business is forecast to grow by 10% in third quarter. Meanwhile, revenue from accretive business i.e. new projects and potential acquisitions, will contribute between 2% to 5% growth in third quarter. Nevertheless, the company will maintain strict cost control programs and minimize its capital expenditure for the remaining two quarters of 2013 to consolidate full year operating performance.