Asia Pacific Wire & Cable Corporation Limited Announces Full Year 2022 Financial Results and Filing of Annual Report on Form 20-F for 2022

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[{"type":"text","content":"TAIPEI, Taiwan, April 27, 2023 (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 that on April 25, 2023, it filed its annual report on Form 20-F (the \"Form 20-F\") for the year ended December 31, 2022 with the U.S. Securities and Exchange Commission and reported its financial results for the twelve months ended December 31, 2022. Unless otherwise indicated, all amounts are reported in U.S. Dollars at the exchange rate prevailing on the date of the event or result reported. Full Year 2022 Financial Results (Ended December 31, 2022), and 2021 comparative results Full Year 2022 Full Year 2021 CHANGERevenues$433.9million $476.7 million (9.0)%Operating Profit/(Loss)$8.1million $(5.0)million 262.2%Net Income/(Loss)$3.9million $(2.6)million 246.6%EPS(1)$0.19 $(0.19) 200.0% (1)The calculation of the earnings per share is based on 20,020,364 and 13,819,669 basic and diluted weighted average common shares issued and outstanding for the twelve months ended December 31, 2022, and 2021, respectively. Full Year 2022 Results Revenues for the twelve months ended December 31, 2022 were $433.9 million, a decrease of 9.0% from $476.7 million for the twelve months ended December 31, 2021. The decrease was primarily attributable to revenue decreases across the Company’s Thailand and North Asia regions, partially offset by an increase in revenue in the Company’s Rest of the World (“ROW”) region. Net revenue in the Company’s Thailand region decreased by $25.9 million, or 13.1%, from $197.8 million in 2021 to $171.8 million in 2022. The decrease was attributable primarily to the decrease in sales to the public sector in 2022 and the depreciation of the Thai Baht, which depreciated by 9.7% compared to 2021. Revenues in the Company's North Asia region decreased by $29.7 million, or 27.8%, from $107 million in 2021 to $77.3 million in 2022. The decrease was attributable to decreased sales volume primarily due to the impact of the conflict in Ukraine. The price of raw materials, crude oil, and natural gas rose, which squeezed the export market for home appliances and electronic consumer products, and export volume shrank. Also negatively affectin...

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