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:
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
