Asia Pacific Wire & Cable Corporation Limited Reports Second Quarter 2023 Financial Results
- Revenues increased in the Rest of World region by 14.7% due to strong construction activity in Australia and completion of public sector projects in Singapore.
- Operating profit margin increased in the North Asia region from 2.31% in 2022 to 7.08% in 2023.
- Net profit increased due to a decrease in selling, general and administrative expenses.
- Revenues decreased in the Thailand region by 15.0% due to global economic slowdown and depreciation of the Thai Baht.
- Operating loss decreased from a profit of 0.9% in 2022 to a loss of (1.4%) in 2023.
- Cash and cash equivalents decreased from $54.0 million to $39.0 million.
TAIPEI, Taiwan, Sept. 27, 2023 (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, 2023. 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 2023 Financial Results (Ended June 30, 2023) and 2022 comparative results. | |||||||
First 6 Months 2023 | First 6 Months 2022 | CHANGE | |||||
Revenues | $ | 193.5 million | $ | 207.4 million | (6.7)% | ||
Operating (Loss)/Profit | $ | (2.8) million | $ | 1.8 million | (255.6)% | ||
Net Income/(Loss) | $ | 0.02 million | $ | (0.3) million | |||
EPS(1) | $ | 0.001 | $ | (0.02) | |||
(1)The calculation of the earnings per share is based on 20,616,227 and 20,022,364 basic and diluted weighted average common shares issued and outstanding for the six months ended June 30, 2023 and 2022, respectively | |||||||
Revenues for the six months ended June 30, 2023 were
Operating loss for the six months ended June 30, 2023 was
Selling, general and administrative expenses for the six months ended June 30, 2023 were
Financial Condition
APWC reported
Current assets totaled
APWC reported
We encourage shareholders to visit the Company's website for further information (www.apwcc.com). Information on the Company's website or any other website does not constitute a portion of this release.
About Asia Pacific Wire & Cable Corporation Limited
Asia Pacific Wire & Cable Corporation Limited is a holding company incorporated in Bermuda with principal executive offices in Taiwan that operates its business through operating subsidiaries. Through its subsidiaries, the Company is principally engaged in the manufacture and distribution of enameled wire, power cable, and telecommunications products in Thailand, Singapore, Australia, the People’s Republic of China, Hong Kong and certain other markets in the Asia Pacific region. The Company also engages in the distribution of certain wire and cable products manufactured by its controlling shareholder, Pacific Electric Wire & Cable Co., Ltd., and certain third parties. The Company also provides project engineering services in the supply, delivery and installation of power cable. The Company’s major customers include appliance component manufacturers, electrical contracting firms, state owned entities, and wire and cable dealers and factories.
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the Company, its business, and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes”, “anticipates”, “expects”, “estimates”, “intends”, “plans” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as believed, anticipated, expected, estimated, intended or planned. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
Contact: Investor Relations Contact: Pacific Holdings Group Attn: Paul Weber 2901 Dallas Parkway, Suite 360 Plano, TX 75093 Phone: (469) 797-7191 Email: pweber@pusa.com |
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | |||||||||
CONSOLIDATED INCOME STATEMENTS | |||||||||
(Non-Audited) | |||||||||
(Amounts in thousands of US Dollars, except share data) | |||||||||
For the six months | |||||||||
ended June 30, | |||||||||
2023 | 2022 | ||||||||
(Non-Audited) | (Non-Audited) | ||||||||
US$'000 | US$'000 | ||||||||
Revenue | 193,478 | 207,358 | |||||||
Cost of sales | (185,501 | ) | (193,865 | ) | |||||
Gross profit | 7,977 | 13,493 | |||||||
Other operating income | 243 | 880 | |||||||
Selling, general and administrative expenses | (10,990 | ) | (12,550 | ) | |||||
Other operating expenses | (9 | ) | (4 | ) | |||||
Operating (loss)/profit | (2,779 | ) | 1,819 | ||||||
Finance costs | (1,194 | ) | (662 | ) | |||||
Finance income | 87 | 52 | |||||||
Share of loss of associates | (1 | ) | (2 | ) | |||||
Exchange loss | (66 | ) | (663 | ) | |||||
Other income | 571 | 530 | |||||||
Other expense | — | — | |||||||
(Loss)/profit before tax | (3,382 | ) | 1,074 | ||||||
Income tax expense | 913 | (1,213 | ) | ||||||
Loss for the period | (2,469 | ) | (139 | ) | |||||
Attributable to: | |||||||||
Equity holders of the parent | 15 | (336 | ) | ||||||
Non-controlling interests | (2,484 | ) | 197 | ||||||
Basic and diluted profit/(loss) per share | $ | 0.001 | $ | (0.02 | ) | ||||
Basic and diluted weighted average common shares outstanding | 20,616,227 | 20,020,364 | |||||||
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | |||||||
CONSOLIDATED INCOME STATEMENTS | |||||||
(Non-Audited) | |||||||
(Amounts in thousands of US Dollars, except share data) | |||||||
For the six months | |||||||
ended June 30, | |||||||
2023 | 2022 | ||||||
(Non-Audited) | (Non-Audited) | ||||||
US$'000 | US$'000 | ||||||
Loss for the period | (2,469 | ) | (139 | ) | |||
Other comprehensive income | |||||||
Other comprehensive income to be reclassified to profit or loss in subsequent periods: | |||||||
Exchange differences on translation of foreign operations, net of tax of nil | (5,827 | ) | (10,621 | ) | |||
(5,827 | ) | (10,621 | ) | ||||
Other comprehensive income not to be reclassified to profit or loss in subsequent periods: | |||||||
Changes in the fair value of equity instruments measured at FVOCI | 667 | (1,475 | ) | ||||
Income tax effect | (133 | ) | 295 | ||||
534 | (1,180 | ) | |||||
Re-measuring losses on defined benefit plans | 69 | 177 | |||||
Income tax effect | (14 | ) | (35 | ) | |||
55 | 142 | ||||||
Other comprehensive loss for the year , net of tax | (5,238 | ) | (11,659 | ) | |||
Total comprehensive loss for the period, net of tax | (7,707 | ) | (11,798 | ) | |||
Attributable to: | |||||||
Equity holders of the parent | (4,063 | ) | (8,336 | ) | |||
Non-controlling interests | (3,644 | ) | (3,462 | ) | |||
(7,707 | ) | (11,798 | ) | ||||
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | |||
CONSOLIDATED BALANCE SHEETS | |||
(In thousands of US Dollars, except share data) | |||
As of June 30, 2023 (Non-audited) | As of December 31, 2022 (Audited) | ||
US$'000 | US$'000 | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | 38,988 | 54,017 | |
Financial assets at fair value through profit or loss | 516 | 39 | |
Trade receivables | 74,454 | 81,982 | |
Other receivables | 2,771 | 2,397 | |
Contract assets | 9,669 | 12,450 | |
Due from related parties | 11,613 | 11,018 | |
Inventories | 126,775 | 130,608 | |
Prepayments | 5,192 | 3,341 | |
Other current assets | 4,249 | 3,673 | |
274,227 | 299,525 | ||
Non-current assets | |||
Financial assets at fair value through other comprehensive income | 2,437 | 1,553 | |
Property, plant and equipment | 48,305 | 50,713 | |
Right of use assets | 2,992 | 3,432 | |
Investment properties | 5,037 | 5,250 | |
Intangible assets | 149 | 139 | |
Investments in associates accounted from using equity method | 782 | 805 | |
Deferred tax assets | 7,860 | 7,143 | |
Other non-current assets | 3,026 | 2,459 | |
70,588 | 71,494 | ||
Total assets | 344,815 | 371,019 | |
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | |||||
CONSOLIDATED BALANCE SHEETS | |||||
(In thousands of US Dollars, except share data) | |||||
As of June 30, 2023 (Non-audited) | As of December 31, 2022 (Audited) | ||||
US$'000 | US$'000 | ||||
Liabilities | |||||
Current liabilities | |||||
Interest-bearing loans and borrowings | 46,791 | 45,576 | |||
Trade and other payables | 45,668 | 39,891 | |||
Due to related parties | 10,355 | 16,613 | |||
Financial liabilities at fair value through profit or loss | — | 6 | |||
Accruals | 12,004 | 21,218 | |||
Current tax liabilities | 1,524 | 2,432 | |||
Employee benefit liabilities | 2,111 | 1,947 | |||
Financial lease liabilities | 601 | 627 | |||
Other current liabilities | 6,362 | 5,289 | |||
125,416 | 133,599 | ||||
Non-current liabilities | |||||
Interest-bearing loans and borrowings | 2,965 | 12,155 | |||
Employee benefit liabilities | 7,555 | 7,693 | |||
Lease liabilities | 1,608 | 1,947 | |||
Deferred tax liabilities | 3,835 | 4,197 | |||
15,963 | 25,992 | ||||
Total liabilities | 141,379 | 159,591 | |||
Equity | |||||
Issued capital | 206 | 206 | |||
Additional paid-in capital | 118,103 | 118,103 | |||
Treasury shares | (38 | ) | (38 | ) | |
Retained earnings | 54,079 | 54,064 | |||
Other components of equity | (24,818 | ) | (20,740 | ) | |
Equity attributable to equity holders of the parent | 147,532 | 151,595 | |||
Non-controlling interests | 55,904 | 59,833 | |||
Total equity | 203,436 | 211,428 | |||
Total liabilities and equity | 344,815 | 371,019 | |||
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(In thousands of U.S. Dollars) | |||||
For the years | |||||
ended June 30, | |||||
2023 | 2022 | ||||
(Non-Audited) | (Non-Audited) | ||||
US$'000 | US$'000 | ||||
Net cash (used in)/provided by operating activities | (3,518 | ) | (2,865 | ) | |
Net cash used in investing activities | (2,849 | ) | (682 | ) | |
Net cash (used in)/provided by financing activities | (7,389 | ) | 8,674 | ||
Effect of exchange rate on cash and cash equivalents | (1,273 | ) | (3,011 | ) | |
Net (decrease)/increase in cash and cash equivalents | (15,029 | ) | 2,116 | ||
Cash and cash equivalents at beginning of period | 54,017 | 42,512 | |||
Cash and cash equivalents at end of period | 38,988 | 44,628 |