Asia Pacific Wire & Cable Corporation Ltd. Reports Second Quarter 2021 Financial Results

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[{"type":"text","content":"TAIPEI, Taiwan, Nov. 16, 2021 (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, 2021. 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 2021 Financial Results (Ended June 30, 2021), and 2020 comparative results First 6 Months 2021First 6 Months 2020CHANGERevenues$225.3 million$127.6 million76.5%Operating Profit $5.0 million$0.3 million1780.3%Net (Loss)$(0.1) million$(1.2) million90.2%EPS(1)$(0.01)$(0.09)88.9% (1)The calculation of the earnings per share is based on 13,819,669 and 13,819,669 basic and diluted weighted average common shares issued and outstanding for the six months ended June 30, 2021 and 2020, respectively. First Six Months 2021 Results Revenues for the six months ended June 30, 2021, were $225.3 million, an increase of 76.5% from $127.6 million for the six months ended June 30, 2020. The increase was primarily attributable to revenue increases in the Company’s Thailand, North Asia, and Rest of World (“ROW”) regions. Net revenue in the Company’s Thailand region increased by 58.0%, primarily attributable to increases in copper prices and due to lower sales in the first half of 2020 because of the pandemic. Revenues in the Company's North Asia region increased by 83.8%, primarily attributable to increases in copper prices and due to lower sales in the first half of 2020 because of the pandemic. Revenues in the Company's Rest of World (\"ROW\") region increased by 102.8%, primarily due to deferral of orders in Singapore (which had a lockdown from March to June 2020) and stricter border control 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 (loss) for the six months ended June 30, 2021 increased to $5.0 million from $0.3 million for the six months ended June 30, 2020. ...

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