Asia Pacific Wire & Cable Corporation Ltd., a leading manufacturer and distributor of telecommunications and power cable and enameled-wire products in the Asia-Pacific region, recently issued an update on its unaudited consolidated results for the first six months of fiscal 2010 ended June 30.
The company reported strong momentum in the first and second quarters of 2010, fueled by solid demand for its products, primarily for its enameled wire and power cable.
Revenue for the first half of 2010 was $210.9 million, up 39.9 percent from the first half of 2009.
Gross profit was $25.6 million in the first half of 2010, as compared to $20.4 million in the year-ago period, representing a gross margin of 12.2 percent versus 13.5 percent, respectively.
The company reported operating income for the first half of 2010 at $12.2 million, an increase of 259.6 percent compared to $4.7 million in the year-ago period.
SG&A expenses fell $1.2 million, as compared to $14.2 million reported for the same period last year. Bad debt allowances were also reduced by $1 million. The company attributes this primarily to its reduced spending into the second quarter in its inventory, expenses and account receivable collections.
As of June 30, 2010, Asia Pacific had $43.2 million in cash and cash equivalents, compared to $41.5 million for the same period of 2009. Total current assets were $266.0 million as of June 30, 2010, compared to $239.0 million at the end of 2009; total current liabilities were $126.5 million as of June 30, 2010, compared to $111.9 million at the end of 2009. The company’s working capital was $139.5 million as of June 30, 2010, versus $127.1 million at the end of 2009.
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