APWC swings back to profit
Asia Pacific Wire & Cable Corporation Limited, the holding company incorporated in Bermuda, has reported net income attributable to APWC shareholders of $0.6 million for the first nine months of 2022.
That compares to a net loss of $1.4 million for the first nine months of 2021.
Revenues for the nine months ended September 30 were $310.7 million, a decrease of six per cent from $330.7 million compared to the nine months ended September 30, 2021. The decrease was primarily attributable to revenue decreases across the company’s Thailand and North Asia regions.
Operating profit for the period was $3.8 million, a decrease of 41.09 per cent from $6.4 million for the nine months ended September 30, 2021. The operating profit margin decreased from a profit of 1.95 per cent in 2021 to a profit of 1.23 per cent in 2022
APWC reported $47.5 million in cash and cash equivalents as of September 30, compared to cash and cash equivalents of $44.5 million as of December 31, 2021.
Current assets totalled $285.7 million as of September 30, compared to $312 million as of December 31, 2021.
Shareholders’ equity attributable to APWC was $139.9 million as of September 30, compared to $147.5 million as of December 31, 2021.
APWC is a manufacturer of wire and cable products for the telecommunications and electric-power industries in the Asia-Pacific region.