Asia Pacific Wire & Cable(APWC) - 2023 Q3 - Quarterly Report

Financial Performance - Revenues for the nine months ended September 30, 2023, were $294.2 million, a decrease of 5.3$310.7 million in the same period of 2022[2] - Operating profit for the nine months ended September 30, 2023, was $0.1 million, a decrease of 97.1$3.8 million in the same period of 2022, with an operating profit margin dropping from 1.23% to 0.04%[4] - Net income attributable to APWC shareholders was $1.1 million for the nine months ended September 30, 2023, compared to$0.6 million in the same period of 2022, resulting in an EPS of $0.05, up from$0.03[5][16] Cash Flow and Liquidity - Cash and cash equivalents decreased to $38.5 million as of September 30, 2023, from$54.0 million as of December 31, 2022[6] - Cash used in operating activities was $14.0 million during the nine months ended September 30, 2023, compared to cash provided of$5.7 million in the same period of 2022[8] - Net cash used in operating activities for the nine months ended September 30, 2023, was US$13,982,000, compared to a net cash provided of US$5,701,000 in the same period of 2022[28] - Cash and cash equivalents at the end of the period decreased to US$38,523,000 from US$47,522,000, reflecting a decline of approximately 19%[28] - Net cash provided by financing activities was US$5,097,000 for the nine months ended September 30, 2023, down from US$6,512,000 in the same period of 2022[28] Assets and Liabilities - Current assets totaled $275.1 million as of September 30, 2023, down from$299.5 million as of December 31, 2022[6] - The company's total assets decreased to $342.6 million as of September 30, 2023, from$371.0 million as of December 31, 2022[22] - Total liabilities decreased to US$142,970,000 as of September 30, 2023, from US$159,591,000 in the previous year, representing a reduction of approximately 10.4%[24] - Interest-bearing loans and borrowings increased to US$57,115,000 in current liabilities from US$45,576,000, marking an increase of about 25.5%[24] - Non-current liabilities decreased to US$15,693,000 from US$25,992,000, indicating a significant reduction of about 39.5%[24] Equity and Retained Earnings - Total equity decreased to US$199,676,000 from US$211,428,000, reflecting a decline of approximately 5.5%[24] - Retained earnings increased to US$55,180,000 as of September 30, 2023, compared to US$54,064,000 in the previous year, showing a growth of approximately 2.1%[24] Regional Performance - The North Asia region saw a revenue decrease of 25.0% due to the ongoing Sino-American trade war, while the Thailand region's revenue decreased by 13.7% due to a slowdown in the global economy[2] - Revenues in the Rest of World (ROW) region increased by 13.2%, driven by strong demand in the construction sector in Australia[2] Other Financial Metrics - Current tax liabilities decreased to US$978,000 from US$2,432,000, representing a decrease of about 59.8%[24] - The effect of exchange rate changes resulted in a net cash outflow of US$3,034,000 for the nine months ended September 30, 2023, compared to US$5,726,000 in the previous year[28]