APWC Announces Financial Results for the Third Quarter of 2025
- Quarterly revenue of $128.4 million, up 1% from Q2 and up 5% from a year ago
- Quarterly operating profit of $3.8 million, up 19% from Q3 2024
TAIPEI, Taiwan, Nov. 14, 2025 (GLOBE NEWSWIRE) — Asia Pacific Wire & Cable Corporation Limited (“APWC” or the “Company”) (NASDAQ: APWC) today reported unaudited results for the third quarter ended September 30, 2025.
Quarterly revenue was $128.4 million, up 1% from the previous quarter and up 5% from a year ago.
Copper unit volume, measured by the tonnage of copper contained in the wire and cable sold, increased 2% in the third quarter from Q2 and increased 12% from a year ago. This does not include other raw materials, such as aluminum and insulation materials.
For the quarter, earnings per share were $0.05, up 67% from the previous quarter and down 17% from a year ago.
“In Q3 2025 we achieved revenue growth in an environment where businesses continue to face uncertainty,” commented Yuan Chun Tang, Chairman and CEO of APWC. “Our revenues from public sector projects proved to be a dependable source of income, derived from contracts that can be awarded as much as 2 to 3 years before project commencement. We remain cautious, however, as an uncertain macroeconomic outlook and pricing pressure from increased competition persist.”
“Increase in copper prices had a significant impact on the current quarter gross profit,” said Ben Lee, CFO. “We saw an expansion in gross profit and operating profit both sequentially and on a year-over-year basis. However, net income narrowed compared with the same period last year, as 2024 had a favorable foreign exchange movement. We are keenly aware that in the current environment, exchange rates and copper prices can turn quickly. We are making efforts to reduce our working capital and inventory levels and to shorten our cash conversion cycle.”
Q3 Fiscal 2025 Summary
| Q3 Financial Results | ||||||||||
| ($ in millions, except earnings per share) | Q3 FY2025 | Q2 FY2025 | Q3 FY2024 | Q/Q | Y/Y | |||||
| Revenues | $ | 128.4 | $ | 126.9 | $ | 122.2 | 1 | % | 5 | % |
| Gross profit | $ | 11.1 | $ | 8.6 | $ | 9.3 | 29 | % | 19 | % |
| Operating expenses | $ | 7.3 | $ | 6.4 | $ | 6.6 | 14 | % | 11 | % |
| Operating profit | $ | 3.8 | $ | 2.5 | $ | 3.2 | 52 | % | 19 | % |
| Net income | $ | 1.1 | $ | 0.6 | $ | 1.4 | 83 | % | (21 | )% |
| EPS | $ | 0.05 | $ | 0.03 | $ | 0.06 | 67 | % | (17 | )% |
| Revenue by Reportable Segments | ||||||||||
| ($ in millions) | Q3 FY2025 | Q2 FY2025 | Q3 FY2024 | Q/Q | Y/Y | |||||
| North Asia | $ | 21.3 | $ | 22.7 | $ | 17.7 | (6 | )% | 20 | % |
| ROW | $ | 56.8 | $ | 59.9 | $ | 60.2 | (5 | )% | (6 | )% |
| Thailand | $ | 50.3 | $ | 44.3 | $ | 44.3 | 14 | % | 14 | % |
| Total | $ | 128.4 | $ | 126.9 | $ | 122.2 | 1 | % | 5 | % |
Revenue
Revenue for the third quarter was $128.4 million, up $6.2 million (or 5%) from the same period last year and up $1.5 million (or 1%) sequentially. The increase this quarter was primarily driven by new orders from public sector customers.
North Asia revenue for the third quarter was $21.3 million, up 20% from a year ago and down 6% sequentially. The year-over-year growth was driven by increased sales of flat wire products to the electric vehicle and drone industries. The sequential decline was mainly due to higher customer pull-forward of orders due to US tariffs in Q2.
Thailand revenue for the third quarter was up 14% both from a year ago and sequentially. The growth was mainly driven by higher order volumes from public sector projects and a favorable product mix, both of which contributed to the overall revenue increase.
ROW revenue declined slightly in the third quarter mainly due to a decrease in SDI revenue. Demand from SDI public sector projects remains strong, with large projects awarded in the current quarter. Revenue recognition for these projects is tied to the progress of project completion, resulting in some fluctuations from quarter to quarter.
Gross Profit
Gross profit margin for the third quarter was 8.7%, up from 6.8% in the previous quarter and up from 7.6% in the same period last year. The margin improvement was primarily driven by product mix and rising copper prices, partially offset by intensified price competition in certain regions.
Expenses
Total selling, general, and administrative expenses increased 11.1% from the previous quarter, mainly due to higher research and development costs related to flat wire products.
Non-Operating Items
Exchange gains and losses mostly offset each other during this quarter. In contrast, there was a substantial appreciation in Thai Baht in the same period last year, with exchange gains of $0.7 million. This led to an unfavorable variance when compared to the same period last year.
Balance Sheet and Cash Flow
Cash and cash equivalents were $35.3 million, an increase of $0.3 million from the preceding quarter, driven by lower inventory levels and higher accounts payable, which led to a shorter cash conversion cycle.
Trade receivables for the second quarter were $97.4 million, a $0.3 million decrease from the preceding quarter, reflecting improved cash collections.
Inventory was $137.4 million, a decrease of $7.0 million from the preceding quarter, driven by higher public sector demand, which increased deliveries and reduced inventory levels.
Cash flow from operating activities was an inflow of $11.6 million in the third quarter of 2025, representing a $27.0 million increase in inflow compared to the prior quarter. Cash outflow from financing activities was $10.3 million, a decrease of $21.8 million from the preceding quarter. The increase in operating cash inflow was mainly driven by growth in customer orders, while cash outflow from financing activities was used to repay short-term borrowings.
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 subsidiaries primarily 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 Nine months | ||||||||||||||||
| ended September 30, | ended September 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | ||||||||||||||
| Revenue | $ | 128,399 | $ | 122,233 | $ | 355,892 | $ | 336,563 | |||||||||
| Cost of sales | (117,271 | ) | (112,980 | ) | (332,491 | ) | (313,828 | ) | |||||||||
| Gross profit | 11,128 | 9,253 | 23,401 | 22,735 | |||||||||||||
| Other operating income | 155 | 186 | 382 | 1,167 | |||||||||||||
| Selling, general and administrative expenses | (7,302 | ) | (6,574 | ) | (20,162 | ) | (19,045 | ) | |||||||||
| Other operating expenses | — | — | (1 | ) | — | ||||||||||||
| Net impairment loss on financial and contract assets | (181 | ) | 371 | (75 | ) | (380 | ) | ||||||||||
| Operating profit | 3,800 | 3,236 | 3,545 | 4,477 | |||||||||||||
| Finance costs | (529 | ) | (663 | ) | (1,506 | ) | (1,828 | ) | |||||||||
| Finance income | 41 | 66 | 107 | 163 | |||||||||||||
| Share of loss of associates | — | (1 | ) | (1 | ) | (2 | ) | ||||||||||
| Exchange gain | 69 | 715 | 674 | 864 | |||||||||||||
| Other income | 146 | 183 | 252 | 426 | |||||||||||||
| Other expense | 49 | (68 | ) | (31 | ) | (275 | ) | ||||||||||
| Profit before tax | 3,576 | 3,468 | 3,040 | 3,825 | |||||||||||||
| Income tax expense | (1,088 | ) | (956 | ) | (1,489 | ) | (1,353 | ) | |||||||||
| Profit for the period | $ | 2,488 | $ | 2,512 | $ | 1,551 | $ | 2,472 | |||||||||
| Attributable to: | |||||||||||||||||
| Equity holders of the parent | 1,061 | 1,408 | 160 | 898 | |||||||||||||
| Non-controlling interests | 1,427 | 1,104 | 1,391 | 1,574 | |||||||||||||
| 2,488 | 2,512 | 1,551 | 2,472 | ||||||||||||||
| Basic and diluted profit per share | $ | 0.05 | $ | 0.06 | $ | 0.01 | $ | 0.04 | |||||||||
| 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 Nine months | ||||||||||||||||
| ended September 30, | ended September 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | ||||||||||||||
| Profit for the period | 2,488 | 2,512 | 1,551 | 2,472 | |||||||||||||
| Other comprehensive income | |||||||||||||||||
| Cumulative translation differences reclassified to profit or loss on liquidation of a subsidiary | — | — | — | — | |||||||||||||
| 695 | 19,262 | 11,741 | 8,973 | ||||||||||||||
| 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 | 558 | 137 | 540 | 390 | |||||||||||||
| Income tax effect | (112 | ) | (27 | ) | (108 | ) | (78 | ) | |||||||||
| 446 | 110 | 432 | 312 | ||||||||||||||
| Re-measuring losses on defined benefit plans | (6 | ) | (78 | ) | (60 | ) | (37 | ) | |||||||||
| Income tax effect | 1 | 15 | 12 | 7 | |||||||||||||
| (5 | ) | (63 | ) | (48 | ) | (30 | ) | ||||||||||
| Other comprehensive income for the year, net of tax | 1,136 | 19,309 | 12,125 | 9,255 | |||||||||||||
| Total comprehensive income for the period, net of tax | 3,624 | 21,821 | 13,676 | 11,727 | |||||||||||||
| Attributable to: | |||||||||||||||||
| Equity holders of the parent | 1,692 | 13,761 | 8,811 | 6,648 | |||||||||||||
| Non-controlling interests | 1,932 | 8,060 | 4,865 | 5,079 | |||||||||||||
| $ | 3,624 | $ | 21,821 | $ | 13,676 | $ | 11,727 | ||||||||||
| ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | |||
| CONSOLIDATED BALANCE SHEETS | |||
| As of September 30, 2025 (Unaudited) | As of December 31, 2024 (Audited) | ||
| US$’000 | US$’000 | ||
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | 35,274 | 34,035 | |
| Financial assets at fair value through profit or loss | — | — | |
| Trade receivables | 97,369 | 102,789 | |
| Other receivables | 2,883 | 1,257 | |
| Contract assets | 4,086 | 688 | |
| Due from related parties | 1,732 | 607 | |
| Inventories | 137,436 | 126,814 | |
| Prepayments | 3,936 | 3,195 | |
| Assets classified as held for sale | 767 | 747 | |
| Other current assets | 3,363 | 1,529 | |
| 286,846 | 271,661 | ||
| Non-current assets | |||
| Financial assets at fair value through other comprehensive income | 3,685 | 3,069 | |
| Property, plant and equipment | 53,633 | 52,227 | |
| Right of use assets | 3,134 | 2,420 | |
| Investment properties | 525 | 504 | |
| Intangible assets | 78 | 110 | |
| Investments in associates | 854 | 807 | |
| Deferred tax assets | 5,880 | 6,684 | |
| Other non-current assets | 3,195 | 2,378 | |
| 70,984 | 68,199 | ||
| Total assets | 357,830 | 339,860 | |
| ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | |||||
| CONSOLIDATED BALANCE SHEETS | |||||
| As of September 30, 2025 (Unaudited) | As of December 31, 2024 (Audited) | ||||
| US$’000 | US$’000 | ||||
| Liabilities | |||||
| Current liabilities | |||||
| Interest-bearing loans and borrowings | 39,627 | 24,098 | |||
| Trade and other payables | 49,474 | 57,220 | |||
| Due to related parties | 6,075 | 9,715 | |||
| Financial liabilities at fair value through profit or loss | 31 | 21 | |||
| Accruals | 8,149 | 8,246 | |||
| Current tax liabilities | 554 | 1,624 | |||
| Employee benefit liabilities | 1,166 | 2,178 | |||
| Financial lease liabilities | 1,148 | 648 | |||
| Other current liabilities | 6,906 | 4,272 | |||
| 113,130 | 108,022 | ||||
| Non-current liabilities | |||||
| Interest-bearing loans and borrowings | 1,741 | 4,872 | |||
| Employee benefit liabilities | 7,602 | 5,908 | |||
| Lease liabilities | 1,699 | 1,425 | |||
| Deferred tax liabilities | 4,158 | 4,079 | |||
| Other non-current liabilities | 757 | 189 | |||
| 15,957 | 16,473 | ||||
| Total liabilities | 129,087 | 124,495 | |||
| Equity | |||||
| Issued capital | 206 | 206 | |||
| Additional paid-in capital | 118,103 | 118,103 | |||
| Treasury shares | (38 | ) | (38 | ) | |
| Retained earnings | 61,577 | 61,417 | |||
| Other components of equity | (16,079 | ) | (24,730 | ) | |
| Equity attributable to equity holders of the parent | 163,769 | 154,958 | |||
| Non-controlling interests | 64,974 | 60,407 | |||
| Total equity | 228,743 | 215,365 | |||
| Total liabilities and equity | 357,830 | 339,860 | |||
| ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
| (Unaudited) | |||||||||||||||
| For the three months | For the nine months | ||||||||||||||
| ended September 30, | ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
| US$’000 | US$’000 | US$’000 | US$’000 | ||||||||||||
| Net cash provided by/(used in) operating activities | $ | 11,585 | $ | 13,619 | $ | (5,877 | ) | $ | 2,851 | ||||||
| Net cash used in investing activities | (992 | ) | (1,411 | ) | (3,958 | ) | (2,208 | ) | |||||||
| Net cash (used in)/provided by financing activities | (10,262 | ) | (14,511 | ) | 9,350 | (5,419 | ) | ||||||||
| Effect of exchange rate | (25 | ) | 3,053 | 1,724 | 1,209 | ||||||||||
| Net increase/(decrease) in cash and cash equivalents | 306 | 750 | 1,239 | (3,567 | ) | ||||||||||
| Cash and cash equivalents at beginning of period | 34,968 | 33,653 | 34,035 | 37,970 | |||||||||||
| Cash and cash equivalents at end of period | $ | 35,274 | $ | 34,403 | $ | 35,274 | $ | 34,403 | |||||||
