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]
Asia Pacific Wire & Cable Corporation Limited Reports Second Quarter 2024 Financial Results