MANILA, Philippines – Phoenix Semiconductors Philippines Corp. (PSPC) said earnings in the first quarter of the year grew above expectations at 26 percent to $5.30 million from $4.21 million the previous year.
The company attributed the growth in net income to the optimistic and bullish demand for semiconductors during the quarter which drove revenues higher.
PSPC said total revenue from sales in the first three months of year rose 16 percent to $59.58 million from $51.57 million in the same period last year.
In addition, the firm said the higher-than-expected net earnings growth was also driven by increased operating efficiencies and cost-management programs.
PSPC said it continues to be the preferred supplier of memory semiconductor components for global technology giant Samsung.
“Our solid execution and discipline in expense-management allowed us to deliver a strong finish in 2014, marking a milestone year. We plan on sustaining our growth and intend to achieve this through constant innovation in technology for manufacturing and continuous improvement of our internal processes, with precision-focus on quality control, customer satisfaction and cost competitiveness,” said PSPC chief finance officer Dongjoo Kim.
PSPC, the local unit of a South Korean semiconductor giant STS Semiconductor and Telecommunications Co. Ltd., was the first Korean company to list in the local bourse.
The firm was able to raise P1 billion from the sale of 459.39 million shares at P3.15 each.
“Our IPO was purely the beginning of a new era at PSPC. Investments we have been making over a number of years are now coming together to create a mix of semiconductor products with tremendous opportunity to better serve ever-changing consumer demands in the end-user market,” Kim said.