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home / news releases / APWC - APWC Announces Financial Results for the Second Quarter of 2025

APWC - APWC Announces Financial Results for the Second Quarter of 2025

Asia Pacific Wire & Cable Corporation Limited
  • Quarterly revenue of $126.9 million, up 26% from Q1 and up 11% from a year ago
  • Quarterly EPS was $0.03, up 143% from Q1 and 250% from a year ago

TAIPEI, Taiwan, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited ("APWC" or the "Company") (NASDAQ: APWC) today reported unaudited results for the second quarter ended June 30, 2025.

Quarterly revenue was $126.9 million, up 26% from the previous quarter and up 11% from a year ago.

Copper unit volume, measured by the tonnage of copper contained in the wire and cable sold, increased by 13% in the second quarter but decreased by 9% from a year ago. This does not include other raw materials, such as aluminum and insulation materials.

For the quarter, earnings per share were $0.03, up 143% from the previous quarter and up 250% from a year ago.

“In a second quarter filled with trade uncertainty, APWC delivered revenue growth compared to the same period in prior years,” said Yuan Chun Tang, Chairman and CEO of APWC. “In some markets, we benefited from pull forward of customer orders, before tariffs taking effect. We also observed increased competition, with over-capacity in China’s industrial sector leading to increased supply in some markets, putting pressure on prices. Our strong branding and qualifications to compete for public sector projects was crucial in enabling the Company to attain revenue growth this quarter.

“Our business model and geographical footprint has provided us important optionality when facing trade uncertainty. Some of our manufacturing sites are located in countries with low tariff rates, as low as 10% based on announcements made as of August 1 st . We are planning to leverage the low tariff rates of some our manufacturing sites to grow our top line revenue.

“We are also preparing for a rights offering with details to be announced soon. We intend to use the rights offering proceeds to invest in new production facilities to take advantage of the global supply chain re-alignment. We are still evaluating site selection, andbesides Asia, North America is also a viable option. Working with our vendors and partners, we are also investing in new technologies to enhance our product portfolio and provide new drivers for future growth. Overall, while I remain cautious with the near-term business environment, I am optimistic about the long-term growth potential of APWC.”

Q2 Fiscal 2025 Summary

Q2 Financial Results
($ in millions, except earnings per share)
Q2 FY2025
Q1 FY2025
Q2 FY2024
Q/Q
Y/Y
Revenues
$
126.9
$
100.6
$
113.9
26
%
11
%
Gross profit
$
8.6
$
3.7
$
4.9
132
%
76
%
Operating expenses
$
6.4
$
6.4
$
6.2
—
%
3
%
Operating Profit
$
2.5
$
(2.7
)
$
(0.9
)
193
%
378
%
Net Income / (loss)
$
0.6
$
(1.5
)
$
(0.4
)
140
%
250
%
EPS
$
0.03
$
(0.07
)
$
(0.02
)
143
%
250
%


Revenue by Reportable Segments
($ in millions)
Q2 FY2025
Q1 FY2025
Q2 FY2024
Q/Q
Y/Y
North Asia
22.8
18.9
19.3
21
%
18
%
ROW
59.8
45.4
54.3
32
%
10
%
Thailand
44.3
36.3
40.3
22
%
10
%
Total
126.9
100.6
113.9
26
%
11
%

Revenue

Revenue for the second quarter was $126.9 million, up $26.3M (or 26%) from the previous quarter. In Q2, the currencies of Asia-Pacific economies generally appreciated against the U.S. dollars. Excluding the impact of the currency appreciation, on a constant currency basis, revenue grew 23% from the previous quarter.

North Asia revenue for the second quarter was $22.8 million, up 18% from a year ago and up 21% sequentially. The rise was partly driven by customers pulling forward orders ahead of schedule due to U.S. tariff deadlines. Additionally, continued development of electric vehicles in the region contributed to steady growth in flat wire sales.

Thailand revenue for the second quarter was up 10% from a year ago and up 22% sequentially. The increase was primarily driven by higher order volumes, foreign exchange appreciation, and changes in the product mix, all of which contributed to overall revenue growth.

ROW revenue grew significantly in the second quarter, up 32% sequentially, mainly driven by completion of public sector projects. We also noted the demand for new projects remained at a high level throughout the first half of the year.

Gross Profit

Gross profit margin for the second quarter was 6.8%, up from 3.6% in the previous quarter and up from 4.3% in the same period last year. The margin expansion was mainly driven by higher margin product mix. However, intensified price competition, as well as fluctuations in copper prices and exchange rates, partially offset these gains.

Expenses

Total selling, general, and administrative expenses were mostly flat, as an increase in selling expenses was offset by decreases in other expenses.

Balance Sheet and Cash Flow

Cash and cash equivalents were $35.0 million, a decrease of $3.3 million from the preceding quarter, mainly due to increased payments to suppliers, in line with higher sales activities.

Trade receivables for the second quarter were $97.7 million, reflecting a $13.0 million increase from the preceding quarter and was primarily driven by higher customer orders and pull forward demand in the current quarter.

Inventory was $144.5 million, a decrease of $5.0 million relative to the preceding quarter, as raw material build-up was consumed for the deliveries of customer orders in the current quarter.

Cash flow from operating activities was an outflow of $15.5 million in Q2 2025, representing a $13.4 million increase in outflow compared to the prior quarter. The higher outflow was primarily driven by increased cash payments to vendors, despite stronger cash collections from increased customer orders. Cash outflow was lower by $7.4 million compared to the same period last year; the year-over-year improvement was mainly due to pull-forward demand and increased public sector purchases, which led to higher cash inflows.

We encourage shareholders to visit the Company's website for further information (www.apwcc.com). Information on the Company's website or any other website does not constitute a portion of this release.

About Asia Pacific Wire & Cable Corporation Limited

Asia Pacific Wire & Cable Corporation Limited is a holding company incorporated in Bermuda with principal executive offices in Taiwan that operates its business through operating subsidiaries. Through its subsidiaries, the Company is principally engaged in the manufacture and distribution of enameled wire, power cable, and telecommunications products in Thailand, Singapore, Australia, the People’s Republic of China, Hong Kong and certain other markets in the Asia Pacific region. The Company also engages in the distribution of certain wire and cable products manufactured by its controlling shareholder, Pacific Electric Wire & Cable Co., Ltd., and certain third parties. The Company also provides project engineering services in the supply, delivery and installation of power cable. The Company’s major customers include appliance component manufacturers, electrical contracting firms, state owned entities, and wire and cable dealers and factories.

Safe Harbor Statement

This release contains certain “forward-looking statements” relating to the Company, its business, and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes”, “anticipates”, “expects”, “estimates”, “intends”, “plans” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as believed, anticipated, expected, estimated, intended or planned. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.

Investor Relations Contact:
Pacific Holdings Group
2901 Dallas Parkway, Suite 360
Plano, TX 75093
Attn: Paul Weber
Phone: (469) 797-7191
Email: pweber@pusa.com


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
(Amounts in thousands of US Dollars, except share data)
For the three months
For the six months
ended June 30,
ended June 30,
2025
2024
2025
2024
US$'000
US$'000
US$'000
US$'000
Revenue
$
126,906
$
113,933
$
227,493
$
214,330
Cost of sales
(118,298
)
(109,043
)
(215,220
)
(200,848
)
Gross profit
8,608
4,890
12,273
13,482
Other operating income
192
860
227
981
Selling, general and administrative expenses
(6,434
)
(6,215
)
(12,860
)
(12,471
)
Other operating expenses
51
—
(1
)
—
Net impairment loss on financial and contract assets
65
(406
)
106
(751
)
Operating profit/(loss)
2,482
(871
)
(255
)
1,241
Finance costs
(563
)
(607
)
(977
)
(1,165
)
Finance income
44
55
66
97
Share of loss of associates
(1
)
(1
)
(1
)
(1
)
Exchange gain
331
219
605
149
Other income
(92
)
204
106
243
Other expense
(80
)
19
(80
)
(207
)
Profit/(loss) before tax
2,121
(982
)
(536
)
357
Income tax (expense)/benefit
(762
)
236
(401
)
(397
)
Profit/(loss) for the period
$
1,359
$
(746
)
$
(937
)
$
(40
)
Attributable to:
Equity holders of the parent
578
(411
)
(901
)
(510
)
Non-controlling interests
781
(335
)
(36
)
470
1,359
(746
)
(937
)
(40
)
Basic and diluted profit per share
$
0.03
$
(0.02
)
$
(0.04
)
$
(0.02
)
Basic and diluted weighted average common shares outstanding
20,616,227
20,616,227
20,616,227
20,616,227

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Amounts in thousands of US Dollars, except share data)
For the three months
For the six months
ended June 30,
ended June 30,
2025
2024
2025
2024
US$'000
US$'000
US$'000
US$'000
Profit/(loss) for the period
1,359
(746
)
(937
)
(40
)
Other comprehensive income/(loss)
Cumulative translation differences reclassified to profit or loss on liquidation of a subsidiary
—
—
—
—
8,916
(67
)
11,046
(10,289
)
Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods:
Changes in the fair value of equity instruments measured at FVOCI
(12
)
677
(18
)
253
Income tax effect
3
(136
)
4
(51
)
(9
)
541
(14
)
202
Re-measuring losses on defined benefit plans
(43
)
5
(54
)
41
Income tax effect
9
(1
)
11
(8
)
(34
)
4
(43
)
33
Other comprehensive income/(loss) for the year, net of tax
8,873
478
10,989
(10,054
)
Total comprehensive income/( loss) for the period, net of tax
10,232
(268
)
10,052
(10,094
)
Attributable to:
Equity holders of the parent
7,022
284
7,119
(7,113
)
Non-controlling interests
3,210
(552
)
2,933
(2,981
)
$
10,232
$
(268
)
$
10,052
$
(10,094
)


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of
June 30, 2025
(Unaudited)
As of
December 31, 2024
(Audited)
US$'000
US$'000
Assets
Current assets
Cash and cash equivalents
34,968
34,035
Financial assets at fair value through profit or loss
3
—
Trade receivables
97,714
102,789
Other receivables
2,697
1,257
Contract assets
1,785
688
Due from related parties
584
607
Inventories
144,464
126,814
Prepayments
3,070
3,195
Assets classified as held for sale
763
747
Other current assets
4,277
1,529
290,325
271,661
Non-current assets
Financial assets at fair value through other comprehensive income
3,145
3,069
Property, plant and equipment
53,894
52,227
Right of use assets
2,565
2,420
Investment properties
525
504
Intangible assets
93
110
Investments in associates
850
807
Deferred tax assets
7,024
6,684
Other non-current assets
3,059
2,378
71,155
68,199
Total assets
361,480
339,860


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of
June 30, 2025
(Unaudited)
As of
December 31, 2024
(Audited)
US$'000
US$'000
Liabilities
Current liabilities
Interest-bearing loans and borrowings
48,628
24,098
Trade and other payables
47,241
57,220
Due to related parties
4,180
9,715
Financial liabilities at fair value through profit or loss
96
21
Accruals
9,004
8,246
Current tax liabilities
1,902
1,624
Employee benefit liabilities
1,222
2,178
Financial lease liabilities
870
648
Other current liabilities
6,574
4,272
119,717
108,022
Non-current liabilities
Interest-bearing loans and borrowings
2,971
4,872
Employee benefit liabilities
7,565
5,908
Lease liabilities
1,379
1,425
Deferred tax liabilities
3,968
4,079
Other non-current liabilities
764
189
16,647
16,473
Total liabilities
136,364
124,495
Equity
Issued capital
206
206
Additional paid-in capital
118,103
118,103
Treasury shares
(38
)
(38
)
Retained earnings
60,516
61,417
Other components of equity
(16,710
)
(24,730
)
Equity attributable to equity holders of the parent
162,077
154,958
Non-controlling interests
63,039
60,407
Total equity
225,116
215,365
Total liabilities and equity
361,480
339,860


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the three months
For the six months
ended June 30,
ended June 30,
2025
2024
2025
2024
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
US$'000
US$'000
US$'000
US$'000
Net cash used in operating activities
$
(15,454
)
$
(22,878
)
$
(17,462
)
$
(10,768
)
Net cash (used in)/provided by investing activities
(919
)
141
(2,966
)
(797
)
Net cash provided by financing activities
11,577
15,340
19,612
9,092
Effect of exchange rate
1,508
363
1,749
(1,844
)
Net (decrease)/increase in cash and cash equivalents
(3,288
)
(7,034
)
933
(4,317
)
Cash and cash equivalents at beginning of period
38,256
40,687
34,035
37,970
Cash and cash equivalents at end of period
$
34,968
$
33,653
$
34,968
$
33,653


Supplemental Information



ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
(Amounts in thousands of US Dollars, except share data)
For the three months
ended March 31,
2025
2024
US$'000
US$'000
Revenue
$
100,587
$
100,397
Cost of sales
(96,922
)
(91,826
)
Gross profit
3,665
8,571
Other operating income
35
121
Selling, general and administrative expenses
(6,426
)
(6,235
)
Other operating expenses
(52
)
—
Net impairment loss on financial and contract assets
41
(345
)
Operating (loss)/profit
(2,737
)
2,112
Finance costs
(414
)
(558
)
Finance income
22
42
Share of loss of associates
—
—
Exchange gain/(loss)
274
(70
)
Other income
198
39
Other expense
—
(226
)
(Loss)/Profit before tax
(2,657
)
1,339
Income tax (expense)/benefit
361
(633
)
(Loss)/Profit for the period
$
(2,296
)
$
706
Attributable to:
Equity holders of the parent
(1,479
)
(99
)
Non-controlling interests
(817
)
805
(2,296
)
706
Basic and diluted profit per share
$
(0.07
)
$
—
Basic and diluted weighted average common shares outstanding
20,616,227
20,616,227


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Amounts in thousands of US Dollars, except share data)
For the three months
ended March 31,
2025
2024
US$'000
US$'000
(Loss)/Profit for the period
(2,296
)
706
Other comprehensive income/(loss)
Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations, net of tax of nil
2,130
(10,222
)
2,130
(10,222
)
Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods:
Changes in the fair value of equity instruments measured at FVOCI
(6
)
(424
)
Income tax effect
1
85
(5
)
(339
)
Re-measuring losses on defined benefit plans
(11
)
36
Income tax effect
2
(7
)
(9
)
29
Other comprehensive income/(loss) for the year, net of tax
2,116
(10,532
)
Total comprehensive loss for the period, net of tax
(180
)
(9,826
)
Attributable to:
Equity holders of the parent
97
(7,397
)
Non-controlling interests
(277
)
(2,429
)
$
(180
)
$
(9,826
)


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of
March 31, 2025
(Unaudited)
As of
December 31, 2024
(Audited)
US$'000
US$'000
Assets
Current assets
Cash and cash equivalents
38,256
34,035
Financial assets at fair value through profit or loss
12
—
Trade receivables
84,757
102,789
Other receivables
2,474
1,257
Contract assets
695
688
Due from related parties
660
607
Inventories
149,436
126,814
Prepayments
2,641
3,195
Assets classified as held for sale
753
747
Other current assets
3,682
1,529
283,366
271,661
Non-current assets
Financial assets at fair value through other comprehensive income
3,063
3,069
Property, plant and equipment
52,223
52,227
Right of use assets
2,718
2,420
Prepaid land lease payments
—
—
Investment properties
507
504
Intangible assets
101
110
Investments in associates
814
807
Deferred tax assets
7,095
6,684
Other non-current assets
2,605
2,378
69,126
68,199
Total assets
$
352,492
$
339,860


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of
March 31, 2025
(Unaudited)
As of
December 31, 2024
(Audited)
US$'000
US$'000
Liabilities
Current liabilities
Interest-bearing loans and borrowings
33,543
24,098
Trade and other payables
59,459
57,220
Due to related parties
7,909
9,715
Financial liabilities at fair value through profit or loss
12
21
Accruals
11,612
8,246
Current tax liabilities
1,710
1,624
Employee benefit liabilities
1,070
2,178
Financiallease liabilities
846
648
Other current liabilities
4,322
4,272
120,483
108,022
Non-current liabilities
Interest-bearing loans and borrowings
4,031
4,872
Employee benefit liabilities
7,222
5,908
Lease liabilities
1,537
1,425
Deferred tax liabilities
3,851
4,079
Other non-current liabilities
189
189
16,830
16,473
Total liabilities
137,313
124,495
Equity
Issued capital
206
206
Additional paid-in capital
118,103
118,103
Treasury shares
(38
)
(38
)
Retained earnings
59,938
61,417
Other components of equity
(23,154
)
(24,730
)
Equity attributable to equity holders of the parent
155,055
154,958
Non-controlling interests
60,124
60,407
Total equity
215,179
215,365
Total liabilities and equity
352,492
339,860


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the three months
ended March 31,
2025
2024
US$'000
US$'000
Net cash (used in)/provided by operating activities
$
(2,008
)
$
12,110
Net cash used in investing activities
(2,047
)
(938
)
Net cash provided by/(used in) financing activities
8,035
(6,248
)
Effect of exchange rate
241
(2,207
)
Net increase in cash and cash equivalents
4,221
2,717
Cash and cash equivalents at beginning of period
34,035
37,970
Cash and cash equivalents at end of period
$
38,256
$
40,687

Stock Information
Company Name: Asia Pacific Wire & Cable Corporation Limited
Stock Symbol: APWC
Market: NASDAQ
Website: apwcc.com
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