APWC rebounds to profit for 2022 year
Bermudian-incorporated Asia Pacific Wire & Cable Corporation Limited, the manufacturer of wire and cable products for the telecommunications and electric-power industries in the Asia-Pacific region, has reported net income attributable to APWC shareholders of $3.9 million for the full year 2022.
That compares to a net loss of $2.6 million in 2021.
The increase in net income was primarily due to the increase in operating profit.
Operating profit for the year was $8.1 million, an increase from an operating loss of $5 million for the previous year.
Operating profit margin increased from a loss of one per cent in 2021 to a profit of 1.9 per cent in 2022.
Revenues were $433.9 million, a decrease of nine per cent from $476.7 million in 2021.
Shareholder's equity attributable to APWC was $151.6 million at year-end 2022, compared to $147.5 million as of December 31, 2021.
APWC is a holding company incorporated in Bermuda with principal executive offices in Taiwan that operates its business through operating subsidiaries.
The company is principally engaged in the manufacture and distribution of enamelled wire, power cable, and telecommunications products in Thailand, Singapore, Australia, People’s Republic of China, Hong Kong, and certain other markets in the Asia Pacific region.
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