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]
Asia Pacific Wire & Cable(APWC) - 2024 Q3 - Quarterly Report