APWC Announces Financial Results for the Second Quarter of 2025
•Quarterly revenue of $126.9 million, up 26% from Q1 and up 11% from a year ago
•Quarterly EPS was $0.03, up 143% from Q1 and 250% from a year ago

TAIPEI, Taiwan, August 14, 2025 (GLOBE NEWSWIRE) - Asia Pacific Wire & Cable Corporation Limited ("APWC" or the "Company") (NASDAQ: APWC) today reported unaudited results for the second quarter ended June 30, 2025.

Quarterly revenue was $126.9 million, up 26% from the previous quarter and up 11% from a year ago.

Copper unit volume, measured by the tonnage of copper contained in the wire and cable sold, increased by 13% in the second quarter but decreased by 9% from a year ago. This does not include other raw materials, such as aluminum and insulation materials.

For the quarter, earnings per share were $0.03, up 143% from the previous quarter and up 250% from a year ago.

“In a second quarter filled with trade uncertainty, APWC delivered revenue growth compared to the same period in prior years” said Yuan Chun Tang, Chairman and CEO of APWC. “In some markets, we benefited from pull forward of customer orders, before tariffs taking effect. We also observed increased competition, with over-capacity in China’s industrial sector leading to increased supply in some markets, putting pressure on prices. Our strong branding and qualifications to compete for public sector projects was crucial in enabling the Company to attain revenue growth this quarter.”

“Our business model and geographical footprint has provided us important optionality when facing trade uncertainty. Some of our manufacturing sites are located in countries with low tariff rates, as low as 10% based on announcements made as of August 1st. We are planning to leverage the low tariff rates of some our manufacturing sites to grow our top line revenue.”

“We are also preparing for a rights offering with details to be announced soon. We intend to use the rights offering proceeds to invest in new production facilities to take advantage of the global supply chain re-alignment. We are still evaluating site selection, andbesides Asia, North America is also a viable option. Working with our vendors and partners, we are also investing in new technologies to enhance our product portfolio and provide new drivers for future growth. Overall, while I remain cautious with the near-term business environment, I am optimistic about the long-term growth potential of APWC.”

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Q2 Fiscal 2025 Summary

Q2 Financial Results
($ in millions, except earnings per share)Q2 FY2025Q1 FY2025Q2 FY2024Q/QY/Y
Revenues$126.9 $100.6 $113.9 26 %11 %
Gross profit$8.6 $3.7 $4.9 132 %76 %
Operating expenses$6.4 $6.4 $6.2 — %3 %
Operating Profit$2.5 $(2.7)$(0.9)193 %378 %
Net Income / (loss)$0.6 $(1.5)$(0.4)140 %250 %
EPS$0.03 $(0.07)$(0.02)143 %250 %

Revenue by Reportable Segments
($ in millions)Q2 FY2025Q1 FY2025Q2 FY2024Q/QY/Y
North Asia22.818.919.321 %18 %
ROW59.845.454.332 %10 %
Thailand44.336.340.322 %10 %
Total126.9100.6113.926 %11 %

Revenue

Revenue for the second quarter was $126.9 million, up $26.3M (or 26%) from the previous quarter. In Q2, the currencies of Asia-Pacific economies generally appreciated against the U.S. dollars. Excluding the impact of the currency appreciation, on a constant currency basis, revenue grew 23% from the previous quarter.

North Asia revenue for the second quarter was $22.8 million, up 18% from a year ago and up 21% sequentially. The rise was partly driven by customers pulling forward orders ahead of schedule due to U.S. tariff deadlines. Additionally, continued development of electric vehicles in the region contributed to steady growth in flat wire sales.

Thailand revenue for the second quarter was up 10% from a year ago and up 22% sequentially. The increase was primarily driven by higher order volumes, foreign exchange appreciation, and changes in the product mix, all of which contributed to overall revenue growth.

ROW revenue grew significantly in the second quarter, up 32% sequentially, mainly driven by completion of public sector projects. We also noted the demand for new projects remained at a high level throughout the first half of the year.

Gross Profit

Gross profit margin for the second quarter was 6.8%, up from 3.6% in the previous quarter and up from 4.3% in the same period last year. The margin expansion was mainly driven by
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higher margin product mix. However, intensified price competition, as well as fluctuations in copper prices and exchange rates, partially offset these gains.

Expenses

Total selling, general, and administrative expenses were mostly flat, as an increase in selling expenses was offset by decreases in other expenses.

Balance Sheet and Cash Flow

Cash and cash equivalents were $35.0 million, a decrease of $3.3 million from the preceding quarter, mainly due to increased payments to suppliers, in line with higher sales activities.

Trade receivables for the second quarter were $97.7 million, reflecting a $13.0 million increase from the preceding quarter and was primarily driven by higher customer orders and pull forward demand in the current quarter.

Inventory was $144.5 million, a decrease of $5.0 million relative to the preceding quarter, as raw material build-up was consumed for the deliveries of customer orders in the current quarter.

Cash flow from operating activities was an outflow of $15.5 million in Q2 2025, representing a $13.4 million increase in outflow compared to the prior quarter. The higher outflow was primarily driven by increased cash payments to vendors, despite stronger cash collections from increased customer orders. Cash outflow was lower by $7.4 million compared to the same period last year; the year-over-year improvement was mainly due to pull-forward demand and increased public sector purchases, which led to higher cash inflows.

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
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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.

Investor Relations Contact:
Pacific Holdings Group
2901 Dallas Parkway, Suite 360
Plano, TX 75093
Attn: Paul Weber
Phone: (469) 797-7191
Email: pweber@pusa.com




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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
 CONSOLIDATED INCOME STATEMENTS
(Unaudited)
(Amounts in thousands of US Dollars, except share data)
For the three monthsFor the six months
ended June 30,ended June 30,
2025202420252024
US$'000US$'000US$'000US$'000
Revenue$126,906 $113,933 $227,493 $214,330 
Cost of sales(118,298)(109,043)(215,220)(200,848)
Gross profit8,608 4,890 12,273 13,482 
Other operating income192 860 227 981 
Selling, general and administrative expenses(6,434)(6,215)(12,860)(12,471)
Other operating expenses51 — (1)— 
Net impairment loss on financial and contract assets65 (406)106 (751)
Operating profit/(loss)2,482 (871)(255)1,241 
Finance costs(563)(607)(977)(1,165)
Finance income44 55 66 97 
Share of loss of associates(1)(1)(1)(1)
Exchange gain331 219 605 149 
Other income(92)204 106 243 
Other expense(80)19 (80)(207)
Profit/(loss) before tax2,121 (982)(536)357 
Income tax (expense)/benefit(762)236 (401)(397)
Profit/(loss) for the period$1,359 $(746)$(937)$(40)
Attributable to:
Equity holders of the parent578 (411)(901)(510)
Non-controlling interests781 (335)(36)470 
1,359 (746)(937)(40)
Basic and diluted profit per share$0.03 $(0.02)$(0.04)$(0.02)
Basic and diluted weighted average common shares outstanding 20,616,227 20,616,227 20,616,227 20,616,227 




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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Amounts in thousands of US Dollars, except share data)
For the three monthsFor the six months
ended June 30,ended June 30,
2025202420252024
US$'000US$'000US$'000US$'000
Profit/(loss) for the period1,359 (746)(937)(40)
Other comprehensive income/(loss)
Cumulative translation differences reclassified to profit or loss on liquidation of a subsidiary— — — — 
8,916 (67)11,046 (10,289)
Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods:
Changes in the fair value of equity instruments measured at FVOCI(12)677 (18)253 
Income tax effect3 (136)4 (51)
(9)541 (14)202 
Re-measuring losses on defined benefit plans(43)5 (54)41 
Income tax effect9 (1)11 (8)
(34)4 (43)33 
Other comprehensive income/(loss) for the year, net of tax8,873 478 10,989 (10,054)
Total comprehensive income/( loss) for the period, net of tax10,232 (268)10,052 (10,094)
Attributable to:
Equity holders of the parent7,022 284 7,119 (7,113)
Non-controlling interests3,210 (552)2,933 (2,981)
$10,232 $(268)$10,052 $(10,094)

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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of
June 30, 2025
(Unaudited)		As of
December 31, 2024
(Audited)
US$'000US$'000
Assets
Current assets
Cash and cash equivalents34,968 34,035 
Financial assets at fair value through profit or loss3 — 
Trade receivables97,714 102,789 
Other receivables2,697 1,257 
Contract assets1,785 688 
Due from related parties584 607 
Inventories144,464 126,814 
Prepayments3,070 3,195 
Assets classified as held for sale763 747 
Other current assets4,277 1,529 
290,325 271,661 
Non-current assets
Financial assets at fair value through other comprehensive income3,145 3,069 
Property, plant and equipment53,894 52,227 
Right of use assets2,565 2,420 
Investment properties525 504 
Intangible assets93 110 
Investments in associates850 807 
Deferred tax assets7,024 6,684 
Other non-current assets3,059 2,378 
71,155 68,199 
Total assets361,480 339,860 





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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of
June 30, 2025
(Unaudited)		As of
December 31, 2024
(Audited)
US$'000US$'000
Liabilities
Current liabilities
Interest-bearing loans and borrowings48,628 24,098 
Trade and other payables47,241 57,220 
Due to related parties4,180 9,715 
Financial liabilities at fair value through profit or loss96 21 
Accruals9,004 8,246 
Current tax liabilities1,902 1,624 
Employee benefit liabilities1,222 2,178 
Financial lease liabilities 870 648 
Other current liabilities6,574 4,272 
119,717 108,022 
Non-current liabilities
Interest-bearing loans and borrowings2,971 4,872 
Employee benefit liabilities7,565 5,908 
Lease liabilities1,379 1,425 
Deferred tax liabilities3,968 4,079 
Other non-current liabilities764 189 
16,647 16,473 
Total liabilities136,364 124,495 
Equity
Issued capital206 206 
Additional paid-in capital118,103 118,103 
Treasury shares(38)(38)
Retained earnings60,516 61,417 
Other components of equity(16,710)(24,730)
Equity attributable to equity holders of the parent162,077 154,958 
Non-controlling interests63,039 60,407 
Total equity225,116 215,365 
Total liabilities and equity361,480 339,860 

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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the three monthsFor the six months
ended June 30,ended June 30,
2025202420252024
 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
US$'000US$'000US$'000US$'000
Net cash used in operating activities$(15,454)$(22,878)$(17,462)$(10,768)
Net cash (used in)/provided by investing activities(919)141 (2,966)(797)
Net cash provided by financing activities11,577 15,340 19,612 9,092 
Effect of exchange rate1,508 363 1,749 (1,844)
Net (decrease)/increase in cash and cash equivalents(3,288)(7,034)933 (4,317)
Cash and cash equivalents at beginning of period38,256 40,687 34,035 37,970 
Cash and cash equivalents at end of period$34,968 $33,653 $34,968 $33,653 

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Supplemental Information

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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
 CONSOLIDATED INCOME STATEMENTS
(Unaudited)
(Amounts in thousands of US Dollars, except share data)
For the three months
ended March 31,
20252024
US$'000US$'000
Revenue$100,587 $100,397 
Cost of sales(96,922)(91,826)
Gross profit3,665 8,571 
Other operating income35 121 
Selling, general and administrative expenses(6,426)(6,235)
Other operating expenses(52)— 
Net impairment loss on financial and contract assets41 (345)
Operating (loss)/profit(2,737)2,112 
Finance costs(414)(558)
Finance income22 42 
Share of loss of associates— — 
Exchange gain/(loss)274 (70)
Other income198 39 
Other expense— (226)
(Loss)/Profit before tax(2,657)1,339 
Income tax (expense)/benefit361 (633)
(Loss)/Profit for the period$(2,296)$706 
Attributable to:
Equity holders of the parent(1,479)(99)
Non-controlling interests(817)805 
(2,296)706 
Basic and diluted profit per share$(0.07)$— 
Basic and diluted weighted average common shares outstanding 20,616,227 20,616,227 

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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Amounts in thousands of US Dollars, except share data)
For the three months
ended March 31,
20252024
US$'000US$'000
(Loss)/Profit for the period(2,296)706 
Other comprehensive income/(loss)
Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations, net of tax of nil2,130 (10,222)
2,130 (10,222)
Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods:
Changes in the fair value of equity instruments measured at FVOCI(6)(424)
Income tax effect1 85 
(5)(339)
Re-measuring losses on defined benefit plans(11)36 
Income tax effect2 (7)
(9)29 
Other comprehensive income/(loss) for the year, net of tax2,116 (10,532)
Total comprehensive loss for the period, net of tax(180)(9,826)
Attributable to:
Equity holders of the parent97 (7,397)
Non-controlling interests(277)(2,429)
$(180)$(9,826)

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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of
March 31, 2025
(Unaudited)		As of
December 31, 2024
(Audited)
US$'000US$'000
Assets
Current assets
Cash and cash equivalents38,256 34,035 
Financial assets at fair value through profit or loss12 — 
Trade receivables84,757 102,789 
Other receivables2,474 1,257 
Contract assets695 688 
Due from related parties660 607 
Inventories149,436 126,814 
Prepayments2,641 3,195 
Assets classified as held for sale753 747 
Other current assets3,682 1,529 
283,366 271,661 
Non-current assets
Financial assets at fair value through other comprehensive income3,063 3,069 
Property, plant and equipment52,223 52,227 
Right of use assets2,718 2,420 
Prepaid land lease payments— — 
Investment properties507 504 
Intangible assets101 110 
Investments in associates814 807 
Deferred tax assets7,095 6,684 
Other non-current assets2,605 2,378 
69,126 68,199 
Total assets$352,492 $339,860 

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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of
March 31, 2025
(Unaudited)		As of
December 31, 2024
(Audited)
US$'000US$'000
Liabilities
Current liabilities
Interest-bearing loans and borrowings33,543 24,098 
Trade and other payables59,459 57,220 
Due to related parties7,909 9,715 
Financial liabilities at fair value through profit or loss12 21 
Accruals11,612 8,246 
Current tax liabilities1,710 1,624 
Employee benefit liabilities1,070 2,178 
Financial lease liabilities 846 648 
Other current liabilities4,322 4,272 
120,483 108,022 
Non-current liabilities
Interest-bearing loans and borrowings4,031 4,872 
Employee benefit liabilities7,222 5,908 
Lease liabilities1,537 1,425 
Deferred tax liabilities3,851 4,079 
Other non-current liabilities189 189 
16,830 16,473 
Total liabilities137,313 124,495 
Equity
Issued capital206 206 
Additional paid-in capital118,103 118,103 
Treasury shares(38)(38)
Retained earnings59,938 61,417 
Other components of equity(23,154)(24,730)
Equity attributable to equity holders of the parent155,055 154,958 
Non-controlling interests60,124 60,407 
Total equity215,179 215,365 
Total liabilities and equity352,492 339,860 

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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the three months
ended March 31,
20252024
US$'000US$'000
Net cash (used in)/provided by operating activities$(2,008)$12,110 
Net cash used in investing activities(2,047)(938)
Net cash provided by/(used in) financing activities8,035 (6,248)
Effect of exchange rate241 (2,207)
Net increase in cash and cash equivalents4,221 2,717 
Cash and cash equivalents at beginning of period34,035 37,970 
Cash and cash equivalents at end of period$38,256 $40,687 
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