CIRTEK Holdings Philippines Corp. reported a 99-percent drop in its net income to $27,000 in the first quarter of this year from $1.9 million in the same period in 2018 on lower revenue contributions from its core businesses and its US subsidiary.

In a filing on Wednesday, Cirtek also said revenues declined by 19 percent to $21.02 million in the first three months from $25.9 million the year before, dragged by reduced contributions from Quintel Cayman Ltd. and its radio frequency/microwave/millimeter wave (RF/MW/mmW) businesses, which offset higher net sales from its semiconductor business.