CIRTEK Holdings Philippines Corp. reported a lower net income after tax of $2 million (P112.34 million) for the first six months of 2024 from $4.3 million (P241.73 million) a year earlier.

Consolidated revenues were said to have declined by 27 percent to $29.4 million (P1.65 billion), from $40.2 million (P2.26 billion) in the first six months of 2023.

"The decrease accounted for was mainly due to 20 percent decrease in revenue contribution from semiconductor business, 15 percent decrease in revenue contribution from RF/MW/mmW and 43 percent decrease in antenna business," Cirtek Holdings said in its quarterly report posted at the stock exchange.

RF/MW/mmW refers to various electronic components.

Quintel Solution, the US-based subsidiary of Cirtek Holdings, contributed $7.3 million, while revenues from the RF/MW/mmW business before consolidation amounted to $6.8 million, a 15-percent decline from $8 million.

Its semiconductor business, meanwhile, dropped 20 percent to $15.3 million compared to last year's $19.2 million.

The tech firm's gross margin was sustained at 27 percent.

Operating expenses, meanwhile, declined 9 percent from $5 million last year to $4.6 million.

The company's trade and other receivables amounted to $38.6 million (P2.17 billion), from $33.4 million, while inventory levels remained flat at $58.9 million.

Cirtek Holdings has current liabilities of $36 million, 18 percent lower than $44 million worth of trade and other payables, short-term loans, long-term debt-current portion, amounts owed to related parties, and income tax payable.

"The company's shareholders' equity for the six months ending June 30, 2024, amounted to $211 million compared with $214 million for the period ending December 31, 2023," Cirtek Holdings said in a statement.

On Jan. 19, 2024, the company's board approved the declaration of cash dividends amounting to $0.0228125 (P1.12) per share for each of the 67 million outstanding and issued preferred B-2 subseries A shares for each dividend period.

The first two payments and distribution of cash dividends were made on March 8, and June 10, 2024, with the next payout on Sept. 9, 2024, for shareholders of record as of Aug. 27, 2024, and the last period will be three months after.

On Aug. 19, 2024, Cirtek Holdings' bonus detachable warrants were automatically delisted from the local bourse in connection with the expiration of subscription rights pursuant to the final terms and conditions of its prospectus dated June 28, 2021.

Cirtek Holdings shares last traded at P1.48 each on August 22.