First-half losses widen at APWC

 Asia Pacific Wire & Cable Corporation Limited, a holding company incorporated in Bermuda with principal executive offices in Taiwan, has reported a net loss attributable to APWC shareholders of $300,000 for the first half of 2022.

 

That compares to a net loss of $100,000 for the first half of 2021.

 

The increase in net loss was primarily due to a decrease in revenues and operating profit.

 

Revenues were $207.4 million, a decrease of eight per cent from $225.3 million for the first half of 2021.

 

Operating profit was $1.8 million, a decrease of 63.4 per cent from $5 million during the same period last year.

 

Operating profit margin decreased from a profit of 2.2 per cent in 2021 to a profit of 0.9 per cent in 2022.

 

APWC reported $44.6 million in cash and cash equivalents as of June 30, compared to cash and cash equivalents of $44.5 million as of December 31, 2021.

 

Current assets totalled $289.8 million as of June 30, compared to $312 million as of December 31, 2021.

 

Working capital was $160.4 million as of June 30.

 

Through its subsidiaries, APWC is principally engaged in the manufacture and distribution of enamelled 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.