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].
Asia Pacific Wire & Cable(APWC) - 2024 Q2 - Quarterly Report