Core Viewpoint - Asia Pacific Wire & Cable Corporation Limited (APWC) announced the appointment of Ben Lee as Chief Financial Officer (CFO) effective May 12, 2025, highlighting his extensive experience in global finance and corporate management [1][2]. Group 1: Appointment Details - Ben Lee will join APWC as CFO, bringing a wealth of experience in financial management, reporting, and strategic planning [1]. - Lee previously served as CFO of O'Neil Global Advisors and held VP Finance roles at Yum! Brands in Shanghai and Canadian Solar, Inc. in Ontario, Canada [2]. Group 2: Educational Background - Ben Lee holds a Bachelor of Arts in Economics and a Diploma in Accounting from The University of British Columbia [3]. - He is a Certified Public Accountant and a Chartered Global Management Accountant, indicating a strong professional qualification in finance [3]. Group 3: Executive Team Perspective - CEO Yuan Chun Tang expressed optimism about Lee's addition to the executive team, emphasizing the value of his corporate finance and international business experience amid changing global trade dynamics [2].

Core Viewpoint - Asia Pacific Wire & Cable Corporation Limited (APWC) reported its financial results for the year ended December 31, 2024, showing significant revenue growth and improved operating profit, despite a slight decline in net income and earnings per share [1][2]. Financial Performance - Revenues for 2024 were $472.7 million, an increase of 11.0% from $425.8 million in 2023 [2][3]. - Operating profit rose to $10 million, a substantial increase of 546.5% from $1.5 million in 2023 [2][4]. - Net income for 2024 was $3.5 million, down 9.9% from $3.9 million in 2023 [2][3]. - Earnings per share (EPS) decreased to $0.17, a decline of 10.5% from $0.19 in 2023 [2][3]. Segment Performance - Thailand segment revenues increased by $5.9 million (4%) to $172.8 million, driven by higher sales of power cables and government contracts [3]. - North Asia segment revenues grew by $14.0 million (24%) to $72.6 million, attributed to rising copper prices and new customer acquisitions [3]. - Rest of World (ROW) segment revenues rose by $27.1 million (14%) to $227.3 million, with strong demand in Australia and completion of public sector projects in Singapore [3]. Operating Margins - Operating profit margin in the Thailand segment improved from a loss of (1.27)% in 2023 to 4.13% in 2024, reflecting better profitability in the public utility sector [4]. - North Asia segment's operating profit margin decreased from 3.06% in 2023 to (0.61)% in 2024 due to increased R&D costs [4]. - ROW segment's operating profit margin fell from 4.31% in 2023 to 2.29% in 2024, impacted by competitive pressures and contract provisions [4]. Strategic Initiatives - The company is exploring opportunities to expand its global operations, focusing on the Americas and South Asia, while enhancing capabilities in renewable energy and electric power systems [8].

Market and Competition - The company operates in a highly competitive wire and cable industry in the Asia Pacific region, with competition from both domestic and foreign suppliers, including state-owned enterprises (SOEs) that may be subsidized by the government[49]. - The telecommunications cable business faces significant competition from alternative transmission technologies, particularly wireless, which could materially reduce sales[51]. - The wire & cable industry is not restricted under the 2024 Special Administrative Measures for Foreign Investment Access, indicating a stable environment for the company's PRC business[93]. - The competitive landscape includes PRC state-owned enterprises (SOEs), which may adversely affect the company's operations due to government subsidies[102]. - The wire and cable industry in the Asia Pacific region is highly competitive, with the company competing on product quality, reliability, and price[182]. Financial Performance - Total revenue increased by $46.9 million, or 11.0%, from $425.8 million in 2023 to $472.7 million in 2024[208]. - Operating profit for 2024 was $10.0 million, an increase of $8.5 million, or 546.5%, from $1.5 million in 2023[216]. - Gross profit increased by $4.9 million, or 16%, from $30.2 million in 2023 to $35.1 million in 2024, with a gross profit margin of 7.4%[215]. - The operating profit margin of the Thailand region improved from (1.27)% in 2023 to 4.13% in 2024[217]. - Finance costs decreased by $0.2 million, or 9%, from $2.5 million in 2023 to $2.3 million in 2024[219]. Risks and Challenges - The company faces significant volatility in copper prices, which could adversely affect profitability as copper is a major component of the cost of sales[46]. - The company is subject to various risk factors, including pandemics, supply chain disruptions, and geopolitical tensions, which could materially impact its business operations and financial condition[30][35]. - The company is exposed to foreign exchange rate risk, which could impact its financial results[34]. - The company’s operations may be disrupted by supply chain issues, including shortages and delays in the delivery of raw materials and components[48]. - The company does not carry insurance for consequential losses from business interruptions, which could lead to substantial costs in the event of claims[54]. Regulatory and Compliance - The company’s business could be adversely affected by changes in tax laws and international taxation frameworks, such as the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS 2.0)[37]. - The company is subject to environmental protection laws, and violations could result in liabilities that materially affect financial condition[57]. - The PRC legal system presents uncertainties that may limit the company's ability to enforce agreements and could adversely affect its operations in China[72]. - The PRC government has increased regulations in areas such as anti-monopoly, cybersecurity, and data privacy, which may require the company to adjust its business strategies[79][80]. - Governance challenges across subsidiaries may expose APWC to regulatory scrutiny and operational inefficiencies due to diverse regulatory landscapes[124]. Operations and Production - The company’s operations and production have been affected by COVID-19, leading to reduced on-site staff and operational challenges[35]. - The company’s ability to attract and retain qualified personnel is critical for its operations and could impact its competitive position[30]. - The company has implemented quality control procedures across all production stages to ensure product quality[179]. - The company holds ISO 9001 certification for quality management and assurance standards in the manufacture of electric wires and cables[181]. - The company produces telecommunications cables with capacities ranging from 25 to 3,000 pairs of 0.4 mm-diameter wires to 10 to 600 pairs of 0.9 mm-diameter wires[171]. Investments and Capital Expenditures - The Company must periodically make substantial investments in capital equipment to remain competitive, but capital expenditures are unpredictable and may adversely affect business operations[50]. - Principal capital expenditures for 2024 totaled $4.2 million, with $4.3 million in 2023 and $3.7 million in 2022, primarily for production machinery in North Asia[139]. - Expected total capital expenditures for 2025 are projected to be $0.7 million, subject to market conditions[140]. Shareholder and Governance Issues - Approximately 80.9% of the company's issued and outstanding Common Shares are directly or beneficially owned by PEWC, which limits public float and trading volume[109]. - The company may experience significant price fluctuations in its Common Shares due to limited trading volume and ownership concentration[110]. - The Common Shares are at risk of delisting from Nasdaq if the closing bid price falls below $1.00 per share for 30 consecutive business days[103]. - APWC relies on Nasdaq's controlled company exemptions, with PEWC holding over 50% of issued shares, which may adversely affect corporate governance standards[116]. - There are three independent directors on APWC's Board, with three affiliated with PEWC, potentially leading to conflicts of interest[121]. Market Expansion and Future Prospects - The company is exploring market expansion into the Americas and new product lines, including solar panels and energy storage systems[144]. - The company is developing an alternative energy business in Taiwan, leveraging new tax incentives, but has not generated any revenue to date[141]. - The company anticipates modest demand for medium and high voltage power cables due to infrastructure projects in Singapore[173]. - The company’s telecommunications and power cables are utilized in various infrastructure projects and commercial developments[163].

Financial Performance - Revenues for the nine months ended September 30, 2024, were $336.6 million, an increase of 14.4% from $294.2 million in the same period of 2023[2] - Operating profit surged to $4.5 million, a remarkable increase of 3970.0% compared to $0.1 million for the nine months ended September 30, 2023[5] - Net income for the nine months ended September 30, 2024, was $0.9 million, down 19.5% from $1.1 million in the same period of 2023[2] - The operating profit margin improved from a loss of 0.04% in 2023 to a profit of 1.33% in 2024[5] Revenue Growth by Region - Revenues in the Thailand region increased by 14.7%, driven by higher sales of power cables and fabrication services[4] - North Asia region revenues rose by 17.8%, attributed to increased copper prices and new customer acquisitions[4] Cash and Liquidity - Cash and cash equivalents decreased to $34.4 million as of September 30, 2024, from $38.5 million a year earlier[7] - Current assets totaled $287.9 million as of September 30, 2024, down from $295.0 million as of December 31, 2023[9] - The company reported cash provided by operating activities of $2.9 million during the nine months ended September 30, 2024, compared to cash used in operating activities of $14.0 million in the same period of 2023[10] - Cash and cash equivalents at the end of the period decreased to US$34,403,000 from US$38,523,000, reflecting a decrease of approximately 5.8%[26] Equity and Liabilities - Shareholder's equity attributable to APWC increased to $163.7 million as of September 30, 2024, from $157.1 million as of December 31, 2023[9] - As of September 30, 2024, total liabilities decreased to US$134,997,000 from US$152,043,000 as of December 31, 2023, representing a reduction of approximately 11.2%[23] - Current liabilities decreased from US$140,573,000 to US$116,643,000, a decline of about 16.9%[23] - Total equity increased to US$226,346,000 as of September 30, 2024, up from US$214,621,000, marking a growth of about 5.4%[23] Cash Flow and Investments - Net cash provided by operating activities for the nine months ended September 30, 2024, was US$2,851,000, a significant improvement compared to a net cash used of US$13,982,000 in the same period of 2023[26] - The company reported a net cash used in investing activities of US$2,208,000 for the nine months ended September 30, 2024, compared to US$3,575,000 in the same period of 2023, indicating a reduction of approximately 38.2%[26] - The effect of exchange rate changes resulted in a positive impact of US$1,207,000 on cash flows for the nine months ended September 30, 2024, compared to a negative impact of US$3,034,000 in 2023[26] Debt Management - Interest-bearing loans and borrowings decreased from US$53,737,000 to US$44,926,000, a reduction of approximately 16.4%[23] Retained Earnings and Non-controlling Interests - Retained earnings increased to US$58,829,000 from US$57,931,000, reflecting a growth of about 1.5%[23] - Non-controlling interests rose to US$62,639,000 from US$57,562,000, an increase of approximately 8.5%[23]

Revenue Performance - Revenues for the first six months of 2024 were $214.3 million, an increase of 10.8% from $193.5 million in the same period of 2023[2]. - The Thailand region saw a revenue increase of 14.0%, driven by higher sales of power cables and fabrication services due to economic expansion and government infrastructure efforts[2]. - The North Asia region's revenues increased by 12.5%, attributed to rising copper prices and the introduction of rectangular wire production[2]. Profitability - Operating profit for the first half of 2024 was $1.2 million, a significant improvement of 144.7% from an operating loss of $2.8 million in the first half of 2023[5]. - Net income for the first six months of 2024 was a loss of $0.5 million, compared to a net profit of $0.02 million in the same period of 2023, representing a decline of 3500.0%[2]. Cash Flow and Liquidity - Cash and cash equivalents decreased to $33.7 million as of June 30, 2024, down from $39.0 million as of June 30, 2023[8]. - The company reported cash used in operating activities of $10.8 million for the first half of 2024, compared to $3.5 million in the same period of 2023[11]. - Net cash used in operating activities increased to $(10,768,000) in the first half of 2024 from $(3,518,000) in the same period of 2023[31]. - Cash and cash equivalents at the end of the period decreased from $38,988,000 in June 2023 to $33,653,000 in June 2024, a decrease of approximately 14%[31]. - Net cash provided by financing activities improved significantly to $9,092,000 in the first half of 2024, compared to $(7,389,000) in the same period of 2023[31]. - The effect of exchange rate changes resulted in a cash decrease of $(1,844,000) in the first half of 2024, compared to $(1,273,000) in the same period of 2023[31]. Expenses - Selling, general and administrative expenses increased to $12.5 million in the first half of 2024, up from $11.0 million in the same period of 2023[7]. Balance Sheet - Current assets totaled $282.5 million as of June 30, 2024, compared to $295.0 million as of December 31, 2023[8]. - Shareholder's equity attributable to APWC was $149.9 million as of June 30, 2024, down from $157.1 million as of December 31, 2023[10]. - Total liabilities decreased from $152,043,000 in June 2023 to $145,434,000 in June 2024, a reduction of approximately 4%[28]. - Current liabilities decreased from $140,573,000 in June 2023 to $127,857,000 in June 2024, representing a decline of about 9%[28]. - Total equity decreased from $214,621,000 in June 2023 to $204,527,000 in June 2024, a decline of about 5%[28]. - Retained earnings slightly decreased from $57,931,000 in June 2023 to $57,421,000 in June 2024[28]. - Non-current liabilities increased from $11,470,000 in June 2023 to $17,577,000 in June 2024, an increase of approximately 54%[28]. - Employee benefit liabilities increased from $5,997,000 in June 2023 to $6,146,000 in June 2024[28].

Financial Performance - Revenues for the first six months of 2024 reached $214.3 million, a 10.8% increase from $193.5 million in the same period of 2023, driven by growth in Thailand, North Asia, and the Rest of World regions [2][3] - Operating profit improved to $1.2 million, a significant increase of 144.7% from an operating loss of $2.8 million in the first half of 2023, with the operating profit margin shifting from -1.44% to 0.58% [3][4] - Net income for the first half of 2024 was -$0.5 million, compared to a net profit of $0.02 million in the same period of 2023, reflecting a 3500% decline [2][4] Regional Performance - In Thailand, revenues increased by 14.0%, primarily due to higher sales of power cables and fabrication services, supported by economic growth and government infrastructure initiatives [2] - North Asia region revenues rose by 12.5%, attributed to higher copper prices, new customer acquisitions, and the start of rectangular wire production [2] - The Rest of World region saw a 7.5% revenue increase, mainly from higher power cable sales driven by increased demand in Singapore [2] Cost and Expenses - Selling, general, and administrative expenses rose to $12.5 million in the first half of 2024, up from $11.0 million in the same period of 2023 [4] - The cost of sales for the first six months of 2024 was $200.8 million, leading to a gross profit of $13.5 million, compared to $7.98 million in 2023 [12] Financial Condition - As of June 30, 2024, cash and cash equivalents were $33.7 million, down from $39.0 million a year earlier [5][6] - Current assets totaled $282.5 million, a decrease from $295.0 million as of December 31, 2023, with working capital at $154.6 million [5] - Short-term bank loans decreased slightly to $53.665 million from $53.737 million at the end of 2023, while long-term debt increased to $6.2 million [5][6] Cash Flow - Cash used in operating activities was $10.8 million for the first half of 2024, compared to $3.5 million in the same period of 2023, primarily due to slower accounts receivable collection [7] - Cash outflows from investing activities decreased to $0.8 million in 2024 from $2.8 million in 2023, attributed to reduced purchases of property and equipment [7] - Financing activities generated cash inflows of $9.1 million in the first half of 2024, compared to cash outflows of $7.4 million in the same period of 2023, due to increased borrowing [7]

Core Viewpoint - Asia Pacific Wire & Cable Corporation Limited will hold its 2024 Annual General Meeting on July 15, 2024, in Plano, Texas, to discuss various shareholder matters [1][2]. Meeting Agenda - Approval of the written record from the last Annual General Meeting held on July 24, 2023 [3]. - Approval of the minimum number of directorships at two and the maximum at seven [3]. - Election of up to seven directors [3]. - Approval of compensation for each director [3]. - Presentation of the audited financial statements for the fiscal year ended December 31, 2023 [3]. - Approval of PricewaterhouseCoopers Taiwan as the independent auditor for the 2024 fiscal year and authorization for the Board of Directors to determine their remuneration [3]. - Consideration of other matters appropriately brought before the shareholders [3]. Voting Information - The record date for shareholders to vote is set for May 31, 2024, with one vote per share for all matters [4]. - Shareholders unable to attend in person can participate via conference call [4]. - Proxy statements will be provided in advance to shareholders of record [4]. Company Overview - Asia Pacific Wire & Cable Corporation Limited is a holding company incorporated in Bermuda, with its main offices in Taiwan, engaged in manufacturing and distributing wire and cable products across the Asia-Pacific region [5]. - The company operates through subsidiaries and provides project engineering services related to power cable supply and installation [5]. - Major customers include appliance component manufacturers, electrical contracting firms, state-owned entities, and wire and cable dealers [5].

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 $425.8 million, down 1.9% from $433.9 million in 2022 [2][3]. - Operating profit decreased to $1.5 million, an 80.8% decline from $8.1 million in 2022 [2][4]. - Net income remained stable at $3.9 million for both 2023 and 2022 [2][5]. - Earnings per share (EPS) was $0.19 for both years, indicating no change [2][5]. Revenue Breakdown - Thailand region revenues decreased by $4.9 million (2.9%) to $166.9 million due to reduced government infrastructure spending [3]. - North Asia region revenues fell by $18.7 million (24.2%) to $58.6 million, impacted by increased competition and the Sino-American trade war [3]. - Rest of World (ROW) region revenues increased by $15.5 million (8.4%) to $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 $38.0 million in 2023 from $54.0 million in 2022 [7]. - Current assets totaled $295.0 million, down from $299.5 million in 2022 [7]. - Working capital decreased to $154.4 million from $165.9 million [7]. - Short-term bank loans increased by 17.9% to $53.7 million [7]. - Shareholder's equity attributable to APWC rose to $157.1 million from $151.6 million [7]. Cash Flow Analysis - Cash used in operating activities was $6.1 million in 2023, compared to cash provided of $6.6 million in 2022 [8]. - Cash outflows from investing activities increased to $4.9 million from $2.7 million [8]. - Cash outflows from financing activities were $5.5 million in 2023, compared to inflows of $9.6 million in 2022 [8].

Financial Performance - Total consolidated revenue for the year ended December 31, 2023, was $425.772 million, with significant contributions from Thailand ($166.925 million) and ROW ($200.198 million)[139]. - Total net sales for 2023 were $425.8 million, a decrease of $8.1 million or 1.9% from $433.9 million in 2022[191]. - Operating profit for 2023 was $1.5 million, representing a decrease of $6.5 million or 80.8% from $8.1 million in 2022[200]. - Revenue from the North Asia region decreased by $18.7 million or 24% from $77.3 million in 2022 to $58.6 million in 2023[198]. - Revenue from the Thailand region decreased by $4.9 million or 3% from $171.8 million in 2022 to $166.9 million in 2023[198]. - Revenue from the ROW region increased by $15.5 million or 8% from $184.7 million in 2022 to $200.2 million in 2023[198]. - Gross profit decreased by $2.3 million or 7% from $32.5 million in 2022 to $30.2 million in 2023, with a gross profit margin of 7.1%[199]. - Finance costs increased by $0.9 million or 53% from $1.7 million in 2022 to $2.5 million in 2023[202]. - The impairment loss on financial and contract assets increased from $0.5 million in 2022 to $4.6 million in 2023[201]. - Income tax expense was $0.2 million in 2023, compared to $2.8 million in 2022, due to increased deferred tax assets[205]. Revenue Breakdown - Revenue from power cable products in 2023 was $221.075 million, a decrease from $182.171 million in 2022[139][140]. - Enameled wire revenue in 2023 was $137.441 million, compared to $178.124 million in 2022, indicating a decline in sales[139][140]. - Revenue for the year ended December 31, 2022, was $433.9 million, a decrease of $42.8 million or 9.0% from $476.7 million in 2021[207]. - Revenue from the North Asia region decreased by $30 million, or 28%, from $107 million in 2021 to $77.3 million in 2022, primarily due to decreased sales volume[212]. - Revenue from the Thailand region decreased by $25.9 million, or 13%, from $197.8 million in 2021 to $171.8 million in 2022, attributed to decreased sales to the public sector and currency depreciation[212]. Capital Expenditures - In 2023, total capital expenditures amounted to $4.3 million, primarily for the purchase of production machinery and equipment in North Asia[132]. - The company expects capital expenditures in 2024 to be $0.7 million, contingent on market conditions, funded by operational cash flow[133]. Market and Customer Insights - APWC operates through three reporting segments: Thailand, North Asia, and ROW, with a focus on manufacturing and distributing enameled wire, power cable, and telecommunications products[138]. - The company’s major customers include appliance component manufacturers and electrical contracting firms, indicating a diverse customer base[136]. - The company anticipates modest demand for medium and high voltage power cables due to ongoing infrastructure projects in Singapore[163]. - Political instability in Thailand has impacted infrastructure development, affecting local sales and prompting the company to seek overseas markets[181]. Supply Chain and Production - The price of the company's products is heavily influenced by copper prices, which are based on the average prevailing international spot market prices on the LME[165]. - The company maintains a few weeks supply of copper rods and cathodes and has long-term contracts with suppliers to mitigate supply risks[167]. - The company produces armored and unarmored low-voltage power cables with voltage capacities ranging from 300 volts to 1 kilovolt[159]. - Telecommunications cables manufactured by the company include copper-based and fiber optic cables, with capacities ranging from 25 to 3,000 pairs of 0.4 mm-diameter wires to 10 to 600 pairs of 0.9 mm-diameter wires[161]. - The wire and cable industry in the Asia Pacific region is highly competitive, with the company being one of the five largest producers in Thailand[175]. - The company has diversified its copper purchases among several suppliers to ensure advantageous pricing[168]. Employee and Management Information - As of December 31, 2023, the company employed a total of 1,210 employees, with administrative and management personnel accounting for 15.5%[251]. - The aggregate compensation for all directors and senior management members in 2023 was approximately $2 million[246]. - Each independent director received an annual fee of $30,000, while other directors received $20,000, plus reimbursement for travel expenses[246]. - The company has never experienced a strike or disruption due to labor disputes, indicating satisfactory employee relations[254]. - The company’s employee distribution by region as of December 31, 2023, was 63.6% in Thailand, 18.6% in North Asia, and 17.8% in ROW[251]. Shareholder and Dividend Information - The company has not paid dividends since 2019, with future dividend payments dependent on distributions from subsidiaries[137]. - The company has not paid any dividends since 2019, and does not anticipate paying dividends in 2024 due to funding needs and business performance[267]. - The rights offering in January 2022 raised gross proceeds of approximately $8.3 million, resulting in an increase of issued and outstanding shares from 13,819,669 to 20,616,227[275]. - The total number of Common Shares issued as of December 31, 2023, was 20,627,327, with 20,616,227 shares outstanding[272]. - Holders of Common Shares are entitled to one vote per share, with no cumulative voting rights, and must pay all calls or sums due to vote[281][286]. Related Party Transactions - APWC engages in transactions with PEWC, including the purchase of copper rod at prices based on the LME spot price plus an agreed premium[320]. - In 2023, there were no material changes to the Composite Services Agreement between APWC and PEWC[321]. - APWC has the right to distribute wire or cable products manufactured by PEWC in all current and future markets where it develops distribution capabilities[322]. - PEWC agrees to provide APWC with certain services and technology related to wire and cable product design and manufacturing[324]. Tax and Regulatory Information - The summary discusses U.S. federal income tax and Bermuda tax consequences related to the acquisition, ownership, and disposition of Common Shares[328]. - There is no comprehensive income tax treaty between the United States and Bermuda, which may affect tax consequences[329]. - Special tax rules may apply to certain classes of holders, including dealers in securities and tax-exempt organizations[331].

Financial Performance - Revenues for the nine months ended September 30, 2023, were $294.2 million, a decrease of 5.3% from $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% from $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]