UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 6-K



REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of December, 2024

Commission File Number: 1-14542




ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED

(Translation of registrant’s name into English)



15/Fl. B, No. 77, Sec. 2, Dunhua South Road
Taipei, 106, Taiwan, Republic of China
(Address of principal executive office)



Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒                Form 40-F  ☐

This Registrant issued a press release on December 2, 2024, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ASIA PACIFIC WIRE & CABLE
CORPORATION LIMITED

(Registrant)

By:    /s/ James Lu


Name:    James Lu

Title:    Deputy Chief Financial Officer

Date: December 2, 2024



Asia Pacific Wire & Cable Corporation Limited
Reports Third Quarter 2024 Financial Results

TAIPEI, Taiwan, December 2, 2024 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited (NASDAQ: APWC) ("APWC" or the "Company"), a leading manufacturer of wire and cable products for the telecommunications and electric-power industries in the Asia-Pacific region, today announced the Company's financial results for the nine months ended September 30, 2024. Unless otherwise indicated, all data are reported in U.S. Dollars at the exchange rate prevailing on the date of the event or result reported.

First Nine Months 2024 Financial Results (Ended September 30, 2024), and 2023 comparative results
First 9 Months 2024First 9 Months 2023CHANGE
Revenues$336.6 million$294.2 million14.4%
Operating Profit$4.5 million$0.1 million3970.0%
Net Income$0.9 million$1.1 million(19.5)%
EPS1$0.04$0.05(20.0)%
Revenues for the nine months ended September 30, 2024 were $336.6 million, an increase of 14.4% from $294.2 million for the nine months ended September 30, 2023. The increase was attributable to revenue increases across the Company’s Thailand, North Asia and Rest of World ("ROW") regions. Net revenue in the Company’s Thailand region increased by 14.7%, mainly driven by higher sales of power cables and fabrication services. However, in Q3 2024, the wire and cable market in Thailand experienced a shift in momentum. While earlier quarters, particularly Q1, saw significant growth fueled by government projects and contracts with state-owned enterprises, the pace of activity slowed in Q3. Less favorable economic conditions reportedly led to a deceleration in customer projects. As a result, shipment volumes stopped rising as rapidly and instead remained steady or slightly declined, especially for products like low-voltage and medium-to-high-voltage cables, which
1 The calculation of the earnings per share is based on 20,616,227 and 20,616,227 basic and diluted weighted average common shares issued and outstanding for the nine months ended September 30, 2024 and 2023, respectively. The numerator uses the profit or loss attributable to the ordinary equity holders of the parent.
1

had previously experienced strong demand. Revenues in the Company's North Asia region increased by 17.8% for several reasons, including a rise in copper prices, an increase in the number of new customers, and the commencement of rectangular wire production as well as wires for drone motors. Revenues in the Company's ROW region increased by 13.1%: the primary driver of this growth was the amplified sales of power cables, spurred by the increased demand in 2024 in Singapore. The Company's North Asia region includes China, Hong Kong and Taiwan; the Thailand region consists of operations and sales within Thailand; the ROW region includes Singapore, Australia and the other markets where APWC has operations or sales outside of the Thailand region and North Asia region.
Operating profit for the nine months ended September 30, 2024 was $4.5 million, an increase of 3970.0% from operating profit of $0.1 million for the nine months ended September 30, 2023.  Operating profit margin increased from a loss of 0.04% in 2023 to a profit of 1.33% in 2024.  In the Thailand region, the operating profit margin increased from (3.78)% in 2023 to 2.85% in 2024. This positive shift was largely due to enhanced profitability in the public sector. In the North Asia region, the operating profit margin decreased from 3.21% in 2023 to (1.62)% in 2024: this downturn was primarily due to the reversal of previously provided provisions for employee benefits and pensions in 2023, along with a rise in research and development expenditures in 2024. The ROW region’s operating profit margin decreased from 3.21% in 2023 to 1.74% in 2024 primarily due to an increased allowance for onerous contracts in Singapore.
Selling, general and administrative expenses for the nine months ended September 30, 2024 were $19.0 million, compared to $17.9 million reported for the nine months ended September 30, 2023.  Net profit attributable to APWC equity shareholders of the parent was $0.9 million for the nine months ended September 30, 2024, compared to a net profit of $1.1 million for the nine months ended September 30, 2023. The weighted average number of shares issued and outstanding was 20.62 million and 20.62 million for the nine months ended September 30, 2024 and 2023, respectively.
Financial Condition
APWC reported $34.4 million in cash and cash equivalents as of September 30, 2024, compared to cash and cash equivalents of $38.5 million as of September 30, 2023.
2

Current assets totaled $287.9 million as of September 30, 2024, compared to $295.0 million as of December 31, 2023.  Working capital was $171.2 million as of September 30, 2024. Short-term bank loans were $44.9 million at September 30, 2024, a decrease of 8.8 million from $53.7 million at December 31, 2023.  The Company had $6.1 million in long-term debt outstanding at September 30, 2024, compared to no long-term debt outstanding as of December 31, 2023. Shareholder's equity attributable to APWC was $163.7 million as of September 30, 2024, compared to $157.1 million as of December 31, 2023.
APWC reported cash provided by operating activities of $2.9 million during the nine months ended September 30, 2024, compared to cash used in operating activities in the amount of $14.0 million in the corresponding period in 2023. The cash inflow from operating activities was primarily attributable to the increase in sales. The Company reported $2.2 million in cash outflows from investing activities during the nine months ended September 30, 2024, compared to $3.6 million in cash outflows in the same period of 2023. The decrease in cash used in investing activities for the nine months ended September 30, 2024 was primarily attributable to the increase in disposal of property, plant and equipment in 2024. APWC reported $5.4 million in cash outflows from financing activities during the first nine months of 2024, compared to $5.1 million in cash inflows from financing activities in the same period of 2023. The shift was primarily due to increased borrowings in 2023.

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
3

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.

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





4

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
 CONSOLIDATED INCOME STATEMENTS
(Non-Audited)
(Amounts in thousands of US Dollars, except share data)
For the nine months
ended September 30,
20242023
US$'000US$'000
Revenue336,563 294,210 
Cost of sales(313,828)(276,619)
Gross profit22,735 17,591 
Other operating income1,167 390 
Selling, general and administrative expenses(19,045)(17,854)
Other operating expenses— (17)
Net impairment loss on financial and contract assets(380)— 
Operating profit4,477 110 
Finance costs(1,828)(1,814)
Finance income163 137 
Share of loss of associates(2)(1)
Exchange gain/(loss)864 (852)
Other income426 976 
Other expense(275)— 
Profit/(loss) before tax3,825 (1,444)
Income tax (expense)/benefit(1,353)640 
Profit/(loss) for the period2,472 (804)
Attributable to:
Equity holders of the parent898 1,116 
Non-controlling interests1,574 (1,920)
2,472 (804)
Basic and diluted profit per share$0.04 $0.05 
Basic and diluted weighted average common shares outstanding 20,616,227 20,616,227 




5

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Non-Audited)
(Amounts in thousands of US Dollars, except share data)
For the nine months
ended September 30,
20242023
US$'000US$'000
Profit/(loss) for the period2,472 (804)
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 nil8,973 (11,141)
8,973 (11,141)
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 FVOCI390 446 
Income tax effect(78)(89)
312 357 
Re-measuring losses on defined benefit plans(37)152 
Income tax effect7 (30)
(30)122 
Other comprehensive income/(loss) for the year, net of tax9,255 (10,662)
Total comprehensive income/( loss) for the period, net of tax11,727 (11,466)
Attributable to:
Equity holders of the parent6,648 (6,542)
Non-controlling interests5,079 (4,924)
11,727 (11,466)

6

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars)
As of
September 30, 2024
(Non-audited)		As of
December 31, 2023
(Audited)
US$'000US$'000
Assets
Current assets
Cash and cash equivalents34,403 37,970 
Financial assets at fair value through profit or loss— 307 
Trade receivables107,642 104,955 
Other receivables1,303 1,670 
Contract assets3,721 13,946 
Due from related parties2,164 1,368 
Inventories130,032 128,230 
Prepayments5,236 2,595 
Other current assets3,371 3,909 
287,872 294,950 
Non-current assets
Financial assets at fair value through other comprehensive income3,585 2,902 
Property, plant and equipment50,858 49,941 
Right of use assets2,291 2,825 
Investment properties5,073 5,112 
Intangible assets120 124 
Investments in associates858 810 
Deferred tax assets7,852 7,799 
Other non-current assets2,834 2,201 
73,471 71,714 
Total assets361,343 366,664 





7

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars)
As of
September 30, 2024
(Non-audited)		As of
December 31, 2023
(Audited)
US$'000US$'000
Liabilities
Current liabilities
Interest-bearing loans and borrowings44,926 53,737 
Trade and other payables47,421 51,743 
Due to related parties6,972 7,941 
Financial liabilities at fair value through profit or loss69 74 
Accruals9,206 15,250 
Current tax liabilities1,348 2,116 
Employee benefit liabilities1,778 1,839 
Financial lease liabilities 420 638 
Other current liabilities4,503 7,235 
116,643 140,573 
Non-current liabilities
Interest-bearing loans and borrowings6,112 — 
Employee benefit liabilities6,883 5,997 
Lease liabilities1,123 1,445 
Non-current liabilities222 188 
18,354 11,470 
Total liabilities134,997 152,043 
Equity
Issued capital206 206 
Additional paid-in capital118,103 118,103 
Treasury shares(38)(38)
Retained earnings58,829 57,931 
Other components of equity(13,393)(19,143)
Equity attributable to equity holders of the parent163,707 157,059 
Non-controlling interests62,639 57,562 
Total equity226,346 214,621 
Total liabilities and equity361,343 366,664 




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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Non-Audited)
(In thousands of US Dollars)
For the nine months
ended September 30,
20242023
US$'000US$'000
Net cash provided by/(used in) operating activities2,851 (13,982)
Net cash used in investing activities(2,208)(3,575)
Net cash (used in)/provided by financing activities(5,419)5,097 
Effect of exchange rate1,207 (3,034)
Net (decrease) increase in cash and cash equivalents(3,567)(15,494)
Cash and cash equivalents at beginning of period37,970 54,017 
Cash and cash equivalents at end of period34,403 38,523 
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