The Company (Asia Pacific Wire & Cable Corporation Limited), formed on September 19, 1996, is a Bermuda exempted limited liability company which, through its operating subsidiaries, is principally engaged in the manufacture and distribution of telecommunications (copper and fiber optic) and power cable and enameled wire products in the Asia Pacific region, primarily in Singapore, Thailand, Australia and China. The Company manufactures and distributes its own wire and cable products and also distributes copper rod and wire and cable products ("Distributed Products") manufactured by its principal shareholder, PEWC.





Asia Pacific Wire & Cable Corporation Limited (NASDAQ:APWC) announced unaudited consolidated results for the second quarter and first half ended June 30, 2011.

The Company reported strong financial results in the second quarter and the first half of 2011 in spite of a slight decrease in the copper price. The majority of the Company's products and services are used in industrial, power and telecommunications infrastructure in the growing Asia-Pacific region.

Revenues were $148.7 million, a 40.3% increase over the second quarter of 2010 and a 22.1% increase over the first quarter of 2011. Gross profit was $16.4 million, an increase of 15.1% from $14.2 million in the year-ago quarter, and an increase of 26.1% from $13.0 million in the first quarter. The gross margin was 11.0%, compared with 13.4% in year-ago quarter, and 10.6% in the first quarter. Operating income was $6.8 million, versus $7.0 million in the year-ago quarter and $5.9 million in the first quarter, a slight decrease of 2.6% year over year and a sequential increase of 15.9%. Selling, general and administrative expenses were $9.9 million, an increase of 42.8% from the year-ago quarter and 39.5% increase from the first quarter. Pretax income was $6.2 million, versus $7.1 million in the year-ago quarter and $5.8 million in the first quarter. Income tax expense was $2.6 million, as compared to $2.6 million in the year-ago quarter and $ 2.0 million in the first quarter. The tax rate was 40.9%, as compared to 37.3% in the year-ago quarter and 33.8% in the first quarter. Net income attributable to APWC shareholders was $2.4 million versus $3.7 million in the year-ago quarter and $2.8 million in the first quarter. Net income per basic and diluted share was $0.17, versus $0.27 in the year-ago quarter and $0.20 in the first quarter.

Revenues in the first half ended June 30, 2011 were $270.5 million, a 28.3% increase over the year-ago period. Gross profit was $29.3 million in the first half, up 14.4% from $25.6 million in the year-ago period, representing a gross margin of 10.8% versus 12.2%, respectively. Operating income in the first half was $12.7 million, versus $12.2 million in the year-ago period, an increase of 4.5%. SG&A expense was $17.0 million in the first half, an increase of 30.0% or $3.9 million from the same period last year at $13.1 million. Net income attributable to APWC shareholders was $5.1 million in the first half versus $7.4 million in the year-ago period. Net income per basic and diluted share was $0.37 in the first half, versus $0.54 in the year-ago period.

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