Asia Pacific Wire & Cable Corporation Limited Reports Second Quarter 2022 Financial Results

About this update from Asia Pacific Wire & Cable Corporation Limited

[{"type":"text","content":"TAIPEI, Taiwan, Sept. 06, 2022 (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 six months ended June 30, 2022. 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 Six Months 2022 Financial Results (Ended June 30, 2022), and 2021 comparative results First 6 Months 2022First 6 Months 2021CHANGERevenues$207.4 million$225.3 million(8.0)% Operating Profit/(Loss)$1.8 million$5.0 million(63.4)% Net Income/(Loss)$(0.3) million$(0.1) million189.7% EPS(1)$(0.02)$(0.01)(100.0)% (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 six months ended June 30, 2022 and 2021, respectively Revenues for the six months ended June 30, 2022 were $207.4 million, a decrease of 8.0% from $225.3 million for the six months ended June 30, 2021. 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 11.9%, primarily attributable to the sales decrease from the public sector in 2022 and the depreciation of the Thai Baht, which depreciated 9.39% compared to 2021. Revenues in the Company's North Asia region decreased 20.5%, due to decreased sales volume, resulting primarily due to the economic slowdown. , The ongoing conflict in Ukraine and China's COVID lockdowns added to supply chain problems and impacted the global economy. Revenues in the Company's Rest of World (“ROW”) region increased 6.7% due to orders being released to the market, after the Singapore government removed certain COVID-19 restrictions. A decline in the demand for cables decreased revenues in Australia. The Company's North Asia region includes China and Hong Kong; 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 six months end...

More updates from Asia Pacific Wire & Cable Corporation Limited