TAIPEI, Taiwan, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited (NASDAQ: APWC) ("APWC" or the "Company"), a leading manufacturer of wire and cable products for the telecommunications and electric-power industries in the Asia-Pacific region, today announced the Company's financial results for the nine months ended September 30, 2024. Unless otherwise indicated, all data are reported in U.S. Dollars at the exchange rate prevailing on the date of the event or result reported.

First Nine Months 2024 Financial Results (Ended September 30, 2024), and 2023 comparative results
 
 First 9 Months 2024First 9 Months 2023CHANGE
Revenues$336.6 million$294.2 million14.4%
Operating Profit$4.5 million$0.1 million3970.0%
Net Income$0.9 million$1.1 million(19.5)%
EPS1$0.04$0.05(20.0)%
 
Revenues for the nine months ended September 30, 2024 were $336.6 million, an increase of 14.4% from $294.2 million for the nine months ended September 30, 2023. The increase was attributable to revenue increases across the Company's Thailand, North Asia and Rest of World ("ROW") regions. Net revenue in the Company's Thailand region increased by 14.7%, mainly driven by higher sales of power cables and fabrication services. However, in Q3 2024, the wire and cable market in Thailand experienced a shift in momentum. While earlier quarters, particularly Q1, saw significant growth fueled by government projects and contracts with state-owned enterprises, the pace of activity slowed in Q3. Less favorable economic conditions reportedly led to a deceleration in customer projects. As a result, shipment volumes stopped rising as rapidly and instead remained steady or slightly declined, especially for products like low-voltage and medium-to-high-voltage cables, which had previously experienced strong demand. Revenues in the Company's North Asia region increased by 17.8% for several reasons, including a rise in copper prices, an increase in the number of new customers, and the commencement of rectangular wire production as well as wires for drone motors. Revenues in the Company's ROW region increased by 13.1%: the primary driver of this growth was the amplified sales of power cables, spurred by the increased demand in 2024 in Singapore. The Company's North Asia region includes China, Hong Kong and Taiwan; the Thailand region consists of operations and sales within Thailand; the ROW region includes Singapore, Australia and the other markets where APWC has operations or sales outside of the Thailand region and North Asia region.

Operating profit for the nine months ended September 30, 2024 was $4.5 million, an increase of 3970.0% from operating profit of $0.1 million for the nine months ended September 30, 2023. Operating profit margin increased from a loss of 0.04% in 2023 to a profit of 1.33% in 2024. In the Thailand region, the operating profit margin increased from (3.78)% in 2023 to 2.85% in 2024. This positive shift was largely due to enhanced profitability in the public sector. In the North Asia region, the operating profit margin decreased from 3.21% in 2023 to (1.62)% in 2024: this downturn was primarily due to the reversal of previously provided provisions for employee benefits and pensions in 2023, along with a rise in research and development expenditures in 2024. The ROW region's operating profit margin decreased from 3.21% in 2023 to 1.74% in 2024 primarily due to an increased allowance for onerous contracts in Singapore.

Selling, general and administrative expenses for the nine months ended September 30, 2024 were $19.0 million, compared to $17.9 million reported for the nine months ended September 30, 2023. Net profit attributable to APWC equity shareholders of the parent was $0.9 million for the nine months ended September 30, 2024, compared to a net profit of $1.1 million for the nine months ended September 30, 2023. The weighted average number of shares issued and outstanding was 20.62 million and 20.62 million for the nine months ended September 30, 2024 and 2023, respectively.

Financial Condition

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APWC reported $34.4 million in cash and cash equivalents as of September 30, 2024, compared to cash and cash equivalents of $38.5 million as of September 30, 2023.

Current assets totaled $287.9 million as of September 30, 2024, compared to $295.0 million as of December 31, 2023. Working capital was $171.2 million as of September 30, 2024. Short-term bank loans were $44.9 million at September 30, 2024, a decrease of 8.8 million from $53.7 million at December 31, 2023. The Company had $6.1 million in long-term debt outstanding at September 30, 2024, compared to no long-term debt outstanding as of December 31, 2023. Shareholder's equity attributable to APWC was $163.7 million as of September 30, 2024, compared to $157.1 million as of December 31, 2023.

APWC reported cash provided by operating activities of $2.9 million during the nine months ended September 30, 2024, compared to cash used in operating activities in the amount of $14.0 million in the corresponding period in 2023. The cash inflow from operating activities was primarily attributable to the increase in sales. The Company reported $2.2 million in cash outflows from investing activities during the nine months ended September 30, 2024, compared to $3.6 million in cash outflows in the same period of 2023. The decrease in cash used in investing activities for the nine months ended September 30, 2024 was primarily attributable to the increase in disposal of property, plant and equipment in 2024. APWC reported $5.4 million in cash outflows from financing activities during the first nine months of 2024, compared to $5.1 million in cash inflows from financing activities in the same period of 2023. The shift was primarily due to increased borrowings in 2023.

We encourage shareholders to visit the Company's website for further information (www.apwcc.com). Information on the Company's website or any other website does not constitute a portion of this release.

About Asia Pacific Wire & Cable Corporation Limited

Asia Pacific Wire & Cable Corporation Limited 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 enameled wire, power cable, and telecommunications products in Thailand, Singapore, Australia, the People's Republic of China, Hong Kong and certain other markets in the Asia Pacific region. The Company also engages in the distribution of certain wire and cable products manufactured by its controlling shareholder, Pacific Electric Wire & Cable Co., Ltd., and certain third parties. The Company also provides project engineering services in the supply, delivery and installation of power cable. The Company's major customers include appliance component manufacturers, electrical contracting firms, state owned entities, and wire and cable dealers and factories.

Safe Harbor Statement

This release contains certain "forward-looking statements” relating to the Company, its business, and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes”, "anticipates”, "expects”, "estimates”, "intends”, "plans” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as believed, anticipated, expected, estimated, intended or planned. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.

Contact:

Investor Relations Contact:

Pacific Holdings Group

Attn: Paul Weber

2901 Dallas Parkway, Suite 360

Plano, TX 75093

Phone: (469) 797-7191

Email: [email protected]

 

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Non-Audited)
(Amounts in thousands of US Dollars, except share data)
    
 For the nine months
 ended September 30,
  2024   2023 
 US$'000 US$'000
Revenue 336,563   294,210 
Cost of sales (313,828)  (276,619)
Gross profit 22,735   17,591 
    
Other operating income 1,167   390 
Selling, general and administrative expenses (19,045)  (17,854)
Other operating expenses -   (17)
Net impairment loss on financial and contract assets  (380)  - 
Operating profit 4,477   110 
    
Finance costs (1,828)  (1,814)
Finance income 163   137 
Share of loss of associates (2)  (1)
Exchange gain/(loss) 864   (852)
Other income 426   976 
Other expense (275)  - 
Profit/(loss) before tax 3,825   (1,444)
Income tax (expense)/benefit (1,353)  640 
Profit/(loss) for the period 2,472   (804)
    
Attributable to:   
Equity holders of the parent 898   1,116 
Non-controlling interests 1,574   (1,920)
  2,472   (804)
    
Basic and diluted profit per share$0.04  $0.05 
Basic and diluted weighted average common shares outstanding 20,616,227   20,616,227 
 

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Non-Audited)
(Amounts in thousands of US Dollars, except share data)
    
 For the nine months
 ended September 30,
 2024

 2023

 US$'000 US$'000
Profit/(loss) for the period2,472  (804)
Other comprehensive income/(loss)   
Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods:   
Exchange differences on translation of foreign operations, net of tax of nil8,973  (11,141)
 8,973  (11,141)
Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods:   
Changes in the fair value of equity instruments measured at FVOCI390  446 
Income tax effect(78) (89)
 312  357 
Re-measuring losses on defined benefit plans(37) 152 
Income tax effect7  (30)
 (30) 122 
    
Other comprehensive income/(loss) for the year, net of tax9,255  (10,662)
Total comprehensive income/( loss) for the period, net of tax11,727  (11,466)
Attributable to:   
Equity holders of the parent6,648  (6,542)
Non-controlling interests5,079  (4,924)
 11,727  (11,466)
 

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars)
    
 As of

September 30, 2024

 As of

December 31, 2023

 (Non-audited)

 (Audited)

 US$'000

 US$'000

Assets     
Current assets     
Cash and cash equivalents34,403  37,970 
Financial assets at fair value through profit or loss-  307 
Trade receivables107,642  104,955 
Other receivables1,303  1,670 
Contract assets3,721  13,946 
Due from related parties2,164  1,368 
Inventories130,032  128,230 
Prepayments5,236  2,595 
Other current assets3,371  3,909 
 287,872  294,950 
Non-current assets     
Financial assets at fair value through other comprehensive income3,585  2,902 
Property, plant and equipment50,858  49,941 
Right of use assets2,291  2,825 
Investment properties5,073  5,1

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