Core Viewpoint - Asia Pacific Wire & Cable Corporation Limited (APWC) reported a decline in revenues and operating profit for the year ended December 31, 2023, primarily due to decreased government spending and increased competition in key markets [1][3][4]. Financial Results - Revenues for 2023 were 433.9 million in 2022 [2][3]. - Operating profit decreased to 8.1 million in 2022 [2][4]. - Net income remained stable at 0.19 for both years, indicating no change [2][5]. Revenue Breakdown - Thailand region revenues decreased by 166.9 million due to reduced government infrastructure spending [3]. - North Asia region revenues fell by 58.6 million, impacted by increased competition and the Sino-American trade war [3]. - Rest of World (ROW) region revenues increased by 200.2 million, driven by strong demand in Australia and completion of public sector projects in Singapore [3]. Operating Profit Analysis - Operating profit margin decreased from 1.86% in 2022 to 0.36% in 2023 [4]. - Thailand region's operating profit margin fell from 1.53% to (1.27)% due to a decline in higher-margin projects [4]. - North Asia region's operating profit margin improved from 0.31% to 3.06% due to increased manufacturing productivity [4]. - ROW region's operating profit margin remained stable at 4.31% [4]. Financial Condition - Cash and cash equivalents decreased to 54.0 million in 2022 [7]. - Current assets totaled 299.5 million in 2022 [7]. - Working capital decreased to 165.9 million [7]. - Short-term bank loans increased by 17.9% to 157.1 million from 6.1 million in 2023, compared to cash provided of 4.9 million from 5.5 million in 2023, compared to inflows of $9.6 million in 2022 [8].
Asia Pacific Wire & Cable Corporation Limited Announces Full Year 2023 Financial Results and Filing of Annual Report on Form 20-F for 2023