Asia Pacific Wire & Cable Corporation Ltd. Reports Third Quarter 2019 Financial Results

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[{"type":"text","content":"TAIPEI, Taiwan, Dec. 23, 2019 (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, 2019. Unless otherwise indicated, all data are reported in US Dollars at the exchange rate prevailing on the date of the event or result reported.\n First Nine Months 2019 Financial Results (Ended September 30, 2019) First 9 Months 2019First 9 Months 2018CHANGERevenues$249.7 million$318.5 million(21.6)%Operating (Loss) Profit$(3.1) million$8.4 million(136.5)%Net (Loss) Income$(2.0) million$2.6 million(176.6)%EPS(1)$(0.14)$0.19(173.7)% (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 nine months ended September 30, 2019 and 2018, respectively. First Nine Months 2019 Results Net revenues for the nine months ended September 30, 2019, were $249.7 million, a decrease of 21.6% from $318.5 million in the prior year. The decrease was primarily attributable to revenue decreases in the Company’s Thailand, North Asia and Rest of World (ROW) regions. Net revenue in the Company’s Thailand region decreased by 17.3%, primarily due to the postponement of the delivery of products per the request of a major client. Revenues in the Company's North Asia region decreased by 27.9%, primarily due to the negative impact of the trade war between the United States and China. Revenues in the Company's Rest of World (\"ROW\") region decreased by 23.4%, primarily due to intense competition and a market slowdown. The Company's North Asia region includes China and Hong Kong; the Thailand region contains the operations and sales inside 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 nine months ended September 30, 2019 decreased by 136.5% to $(3.1) million from $8.4 million in the same period last year. Operating margin decreased by 146.6%, declining from 2.6% in 2018 to (1.2)% in 2019. In the Thailand region, operating margin declined from 5.6% to (...

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