Asia Pacific Wire & Cable Corporation Ltd. Reports Third Quarter 2020 Financial Results

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[{"type":"text","content":"TAIPEI, Taiwan, Jan. 04, 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 nine months ended September 30, 2020. 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 2020 Financial Results (Ended September 30, 2020), and 2019 comparative results First 9 Months 2020First 9 Months 2019CHANGERevenues$207.2 million$249.7 million(17.0)%Operating Profit/(Loss)$5.9 million$(3.1) million294.5%Net Income/(Loss)$0.4 million$(2.0) million118.1%EPS(1)$0.03$(0.14)121.4% (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, 2020 and 2019, respectively. First Nine Months 2020 Results Revenues for the nine months ended September 30, 2020, were $207.2 million, a decrease of 17.0% from $249.7 million for the nine months ended September 30, 2019. 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 21.8%, primarily due to decreased sales of low margin products. Revenues in the Company's North Asia region decreased by 16.0%, primarily due to the cessation of manufacturing operations of Shanghai Asia Pacific Electric Co., Ltd. (“Yayang”) in October 2019. Revenues in the Company's Rest of World (\"ROW\") region decreased by 8.7%, primarily due to Singapore not reaching full resumption of work for reasons associated with COVID-19. 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 nine months ended September 30, 2020 increased to $5.9 million from a loss of $(3.1) million for the nine months ended September 30, 2019. Operating profit margin increased from a lo...

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