Asia Pacific Announces First Half Revenue of $215.3M, Down 20.4% From 2011; To Conduct Share Repurchase Program
Asia Pacific Wire & Cable Corporation Limited (Nasdaq: APWC), a leading manufacturer of wire and cable products for the telecommunications and electric-power industries in selected Asia-Pacific markets, today announced consolidated financial results for the six months ended June 30, 2012.
Six Months Ended June 30, 2012 Financial Highlights:
o Revenues were $215.3 million, a decrease of 20.4% from $270.5 million in 1H 2011 o Gross profit was $22.8 million, a decrease of 22.4% from $29.3 million in 1H 2011 o Gross profit margin was 10.6%, compared with 10.8% in 1H 2011 o Net income attributable to APWC shareholders was $5.3 million, an increase of 3% from $5.1 million in 1H 2011 o Basic and diluted earnings per share was $0.38, an increase of 2.7% from $0.37 in 1H 2011 o $54.2 million in cash and cash equivalents at June 30, 2012
APWC's first half 2012 revenues were adversely impacted by the severe flooding in Thailand that forced the temporary closure of many businesses in Thailand during the first quarter, including the Company's Siam Pacific operations. As of April 2012, the Company's Siam Pacific manufacturing facility in Thailand was fully rehabilitated and is now functioning at full operating capacity.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.