APWC returns to profit in first half
Bermudian-incorporated Asia Pacific Wire & Cable Corporation has reported a net profit attributable to shareholders of $20,000 for the first half of 2023, compared with a net loss of $30,000 for the first half of 2022.
The company said the increase in net profit was primarily because of a decrease in selling, general and administrative expenses, which were $11 million compared with $12.6 million in the first half a year ago.
The operating loss for the period was $2.8 million, compared with an operating profit of $1.8 million for the six months of 2022.
Revenues were $193.5 million, a decrease of 6.7 per cent from $207.4 million in the prior-year period. The decrease was primarily attributable to revenue decreases across the company’s Thailand and North Asia regions.
APWC reported $39 million in cash and cash equivalents as of June 30 compared with $54 million as of December 31, 2022.
Asia Pacific Wire & Cable Corporation is a holding company incorporated in Bermuda with principal executive offices in Taiwan that operates its business through operating subsidiaries.
Through its subsidiaries, the company is principally engaged in the manufacture and distribution of enamelled wire power cable and telecommunications products in Thailand, Singapore, Australia, China other markets in the Asia-Pacific region.