Asia Pacific Wire & Cable Corporation Limited Reports Second Quarter 2024 Financial Results

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[{"type":"text","content":"TAIPEI, Taiwan, Aug. 26, 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 six months ended June 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 Six Months 2024 Financial Results (Ended June 30, 2024), and 2023 comparative results First 6 Months 2024First 6 Months 2023CHANGERevenues$214.3 million$193.5 million10.8% Operating Profit$1.2 million$-2.8 million144.7% Net Income$-0.5 million$0.02 million(3500.0)% EPS1$-0.02$0.001(2100.0)% Revenues for the six months ended June 30, 2024 were $214.3 million, a increase of 10.8% from $193.5 million for the six months ended June 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 14.0%, mainly driven by higher sales of power cables and fabrication services, fueled by economic expansion and government efforts in infrastructure development, public utilities, and the implementation of renewable energy, particularly solar power. Revenues in the Company's North Asia region increased by 12.5% for several reasons, including a rise in copper prices, growth in the number of new customers, and the commencement of rectangular wire production. Although the sales volume of rectangular wires was not large, their prices were relatively higher. Revenues in the Company's ROW region increased by 7.5%, 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 six months ended June 30, 2024 was $1.2 million, a increase of 144.7% from operating profit of $-2.8 million for the six months ended June 30, 2023. Operating pr...

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