Connect with us

Hi, what are you looking for?

Economy

SFA Semicon books higher net income

SFA Semicon Philippines Corp. posted a net income of $8.45 million after tax in the first nine months, almost triple the $2.86 million it registered in the same period last year.

The Clark Freeport-based memory semiconductor outsourced assembly and test provider in a disclosure on Thursday said the firm was able to take advantage of the recovery in the PC and mobile memory markets as consumers needed to address business communications needs during extended lockdowns.

Gross revenues increased by 8% to $251.6 million in the first three quarters of 2020 compared to the same period last year.

“Despite the COVID-19 pandemic, the company is continuing the momentum we set last 2019 and we are responding to the uncertainties and challenges during the year,” SSP Chairman and President Joonsang Kang said.

He added overall production output rose 14% to 775 million memory units in the first three quarters. Assembled and tested component chips more than tripled to 99 million units after strong orders from the company’s main customer.

Memory modules, the company said, are used in laptops and PC desktop units, which saw strong demand this year.

Operating income almost tripled to $11.17 million. 

“Increased manufacturing efficiencies and lower administrative expenses mitigated the impact of lower average selling prices of memory products during the year,” the company said.

Mr. Kang said the company is maintaining a positive outlook as countries loosen lockdown restrictions.

The company in August announced it renewed a $20-million loan agreement with its South Korean parent to support capital expenditures and refinance existing loans.

The Semiconductor and Electronics Industries in the Philippines Inc. last month announced that it revised its 2020 projection to a five percent decline, from the earlier forecast of 15% decline after industrial, consumer, mobility, and medical electronics demand spiked. The industry group expects 7% growth next year.

Shares in SFA Semicon Philippines at the stock exchange went up eight centavos or 5.19% to P1.62 each on Thursday. — Jenina P. Ibañez

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

By Jenina P. Ibañez, Senior Reporter PHILIPPINE MANUFACTURING activity rose to an eight-month high in November, as new orders increased for the first time...

Economy

THE NATIONAL Government’s outstanding debt swelled to P11.97 trillion as of the end of October as it offered more domestic securities, preliminary data from...

Economy

MOTORISTS experience heavy traffic along Commonwealth in Quezon City on Wednesday. — PHILIPPINE STAR/ MICHAEL VARCAS BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E....

Economy

THE SENATE on Wednesday approved on third and final reading the proposed P5.024-trillion national budget for 2022. Senators unanimously passed the 2022 General Appropriations...

Economy

EVERYTHING’s coming full circle from the boy from Cebu who wanted to write but ended up cooking. Myke “Tatung” Sarthou, celebrity chef, started out...

Economy

1 of 6 THE VIRTUS awards by the Hotel Sales and Marketing Association (HSMA) Philippines continues to honor professionals and institutions in hospitality: a...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.