Asia Pacific Wire & Cable Corp. (APWC) has released an update.
Asia Pacific Wire & Cable Corporation Limited reported a slight decrease in annual revenues from $433.9 million in 2022 to $425.8 million in 2023, attributing the decline to reduced government spending in Thailand and increased competition in North Asia, despite revenue increases in other regions. Operating profit saw a significant drop, falling 80.8% to $1.5 million, while net income remained stable at $3.9 million. The company experienced a decrease in cash and cash equivalents, working capital, and an increase in short-term bank loans, reflecting a challenging financial year.
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