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

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[{"type":"text","content":"TAIPEI, Taiwan, Dec. 28, 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 nine months ended September 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 Nine Months 2022 Financial Results (Ended September 30, 2022), and 2021 comparative results First 9 Months 2022First 9 Months 2021CHANGERevenues$310.7 million$330.7 million(6.0%) Operating Profit/(Loss)$3.8 million$6.5 million(41.5%) Net Income/(Loss)$0.6 million$(1.4) million141.2% EPS(1)$0.03$(0.10)130.0% (1)The calculation of the earnings per share is based on 20,020,364 and 13,820,653 basic and diluted weighted average common shares issued and outstanding for the nine months ended September 30, 2022 and 2021, respectively Revenues for the nine months ended September 30, 2022, were $310.7 million, a decrease of 6.0% from $330.7 million compared to the nine months ended September 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 by 8.1%, primarily attributable to the decrease in sales from the public sector in 2022 and the depreciation of the Thai Baht, which depreciated by 9.91% compared to 2021. Revenues in the Company's North Asia region decreased by 27.6%, 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. China’s COVID lockdowns added to supply chain problems, and the Sino-American trade war has affected the world economy. Revenues in the Company's Rest of World (“ROW”) region increased by 13.0% due to orders released to the market after the government removed certain COVID-19 restrictions in Singapore. 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 r...

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