Welcome to our dedicated page for Asia Pacific Wire & Cable Corporation news (Ticker: APWC), a resource for investors and traders seeking the latest updates and insights on Asia Pacific Wire & Cable Corporation stock.
Asia Pacific Wire & Cable Corporation Limited (NASDAQ: APWC) is a prominent manufacturer and distributor of telecommunications, power cable, and enameled and electronic wire products. Headquartered in Bermuda, with principal executive offices in Taiwan, APWC operates through its subsidiaries in key markets including Singapore, Thailand, Australia, and the People's Republic of China.
The company offers a comprehensive range of telecommunications cable products such as copper-based and fiber optic cables designed for efficient telephone and data transmissions. In addition, APWC manufactures armored and unarmored low voltage power transmission cables for commercial and residential electricity transmission, as well as outdoor applications like street lights and traffic signals.
APWC's enameled wire products are integral in the assembly of various electrical products including transformers, motors, and household appliances. The company also provides project engineering services, facilitating the supply, delivery, and installation of power cables, ensuring a seamless experience for its customers.
Recent financial results for APWC show varied performance across its geographical segments. For the nine months ended September 30, 2023, revenues stood at $294.2 million, a 5.3% decrease from the same period in 2022. This decline was largely due to revenue drops in the Thailand and North Asia regions, attributed to factors like the global economic slowdown and the Sino-American trade war. Conversely, the Rest of World (ROW) region saw a 13.2% revenue increase, driven by robust demand in Australia's construction sector and public sector projects in Singapore.
APWC's financial condition remains robust with $38.5 million in cash and cash equivalents as of September 30, 2023. However, the company recorded a net cash outflow from operating activities amounting to $14.0 million during the first nine months of 2023, primarily due to decreased sales and higher investment in property, plant, and equipment.
In terms of partnerships and customers, APWC serves appliance component manufacturers, electrical contracting firms, state-owned entities, and wire and cable dealers. The company also distributes products manufactured by its controlling shareholder, Pacific Electric Wire & Cable Co., Ltd., as well as other third parties.
APWC continues to navigate through economic challenges while focusing on maintaining a strong market presence across the Asia-Pacific region. Stakeholders are encouraged to visit the company's website for the latest updates and detailed financial reports.
Asia Pacific Wire & Cable (NASDAQ: APWC) will host its 2024 Annual General Meeting on July 15, 2024, at 9:00 am CDT or 10:00 am EDT in Plano, Texas. The meeting aims to approve the written record of the previous AGM, set the number of directorships between two and seven, elect up to seven directors, approve director compensation, present audited financial statements for the fiscal year ending December 31, 2023, and appoint PricewaterhouseCoopers Taiwan as the independent auditor for 2024.
The record date for voting is May 31, 2024. Shareholders of record can vote in person or by proxy and may participate via conference call.
Asia Pacific Wire & Cable reported its full-year 2023 financial results and filed its annual report for 2023, revealing a revenue decrease of 1.9% to $425.8 million. The operating profit declined by 80.8% to $1.5 million, while net income remained flat at $3.9 million. The company saw revenue increases in the Rest of World region but experienced declines in the Thailand and North Asia regions. Overall, the financial performance was impacted by government spending reductions, the Sino-American trade war, and increased competition.
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