Asia Pacific Wire & Cable, manufacturer of telecommunications products in the Asia Pacific region, today reported strong, unaudited consolidated results for the second quarter and first half ended June 30, 2011.
For the second quarter of 2011, APWC reported revenues of $148.7 million, up 40 percent compared to $106.0 million reported in the comparable quarter of 2010.
Gross profit increased 15 percent to $16.4 million compared to $14.2 million reported in the second quarter of 2010.
The company reported net income attributable to APWC shareholders at $2.4 million, or $0.17 per share, compared with $3.7 million, or $0.27 per share, in the same period a year ago.
Operating income decreased 1.6 percent to $6.8 million compared to the $7.0 million reported in the year-ago quarter.
For the first half of 2011, APWC reported revenues of $270.5 million, a 28 percent increase over the first six months of 2010.
Gross profit was $29.3 million in the first half, up 14 percent from $25.6 million reported in the first half of last year.
Operating income in the first half increased 4.5 percent to $12.7 million compared to $12.2 million in the year-ago period.
The company reported net income attributable to APWC shareholders for the first half of 2011 was $5.1 million, or $0.37 per share, compared to $7.4 million, or $0.54 per share, in the year-ago period.
As of June 30, 2011, APWC reported $75.5 million in cash and cash equivalents, and $1.0 million in unrestricted short-term bank deposits, totaling $76.5 million, compared to cash and equivalents of $63.2 million as of December 31, 2010. The company reported total current assets of $370.2 million as of June 30, 2011, compared to $329.5 million at the end of 2010; total current liabilities were $191.2 million as of June 30, 2011, compared to $158.8 million at the end of 2010.
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