Asia Pacific Wire & Cable Corporation Limited Announces Full Year 2023 Financial Results and Filing of Annual Report on Form 20-F for 2023

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[{"type":"text","content":"TAIPEI, Taiwan, April 30, 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 that on April 29, 2024, it filed its annual report on Form 20-F (the \"Form 20-F\") for the year ended December 31, 2023 with the U.S. Securities and Exchange Commission and reported its financial results for the twelve months ended December 31, 2023. 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. Full Year 2023 Financial Results (Ended December 31, 2023) and 2022 comparative results: Full Year 2023Full Year 2022CHANGERevenues$425.8 million$433.9 million(1.9)%Operating Profit$1.5 million$8.1 million(80.8)%Net Income$3.9 million$3.9 million(0.2)%EPS (1)$0.19$0.19—% (1) The calculation of the earnings per share is based on 20,616,227 and 20,020,364 basic and diluted weighted average common shares issued and outstanding for the twelve months ended December 31, 2023 and 2022, respectively. Full Year 2023 Results Revenues for the twelve months ended December 31, 2023 were $425.8 million, a decrease of 1.9% from $433.9 million for the twelve months ended December 31, 2022. The decrease was primarily attributable to revenue decreases across the Company’s Thailand and North Asia regions. Net revenue in the Company’s Thailand region decreased by $4.9 million or 2.9% from $171.8 million in 2022 to $166.9 million in 2023. The decrease was due to the decrease in government spending on infrastructure and delay in government projects. Revenues in the Company's North Asia region decreased by $18.7 million, or 24.2%, from $77.3 million in 2022 to $58.6 million in 2023. The decrease was attributable to decreased sales volume primarily due to increased competition and the Sino-American trade war. These factors contributed to a sluggish market, resulting in a decline in sales compared with the previous period. Revenues in the Company's Rest of World (“ROW”) region increased by $15.5 million, or 8.4%, from $184.7 million in 2022 to $200.2 million in 2023. The increase of $1.9 million, or 12%, was due to strong demand in the construction sector in Australia, and the ...

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