First Nine Months 2020 Financial Results (Ended | |||||||
First 9 Months 2020 | First 9 Months 2019 | CHANGE | |||||
Revenues | $ | 207.2 million | $ | 249.7 million | (17.0)% | ||
Operating Profit/(Loss) | $ | 5.9 million | $ | (3.1) million | 294.5% | ||
Net Income/(Loss) | $ | 0.4 million | $ | (2.0) million | 118.1% | ||
EPS(1) | $ | 0.03 | $ | (0.14) | 121.4% | ||
(1)The calculation of the earnings per share is based on 13,819,669 and 13,819,669 basic and diluted weighted average common shares issued and outstanding for the nine months ended |
First Nine Months 2020 Results
Revenues for the nine months ended
Operating profit for the nine months ended
Selling, general and administrative expenses for the nine months ended
Financial Condition
APWC reported
Current assets totaled
APWC reported
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
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 periodic reports that are filed with the
Contact: Investor Relations Contact: Skyline Corporate Communications Group, LLC One Rockefeller Plaza, 11th Floor New York, NY 10020 Office: (646) 893-5835 Email: lisa@skylineccg.com |
CONSOLIDATED INCOME STATEMENTS | |||||||||
(Unaudited) | |||||||||
(Amounts in thousands of US Dollars, except share data) | |||||||||
For the nine months | |||||||||
ended | |||||||||
2020 | 2019 | ||||||||
(Unaudited) | (Unaudited) | ||||||||
Revenue | $ | 207,204 | $ | 249,659 | |||||
Cost of sales | (183,197 | ) | (234,585 | ) | |||||
Gross profit | 24,007 | 15,074 | |||||||
Other operating income | 450 | 950 | |||||||
Selling, general and administrative expenses | (18,176 | ) | (19,025 | ) | |||||
Other operating expenses | (344 | ) | (52 | ) | |||||
Operating profit / (loss) | 5,937 | (3,053 | ) | ||||||
Finance costs | (563 | ) | (821 | ) | |||||
Finance income | 228 | 393 | |||||||
Share of loss of associates | (1 | ) | (2 | ) | |||||
Exchange loss | (637 | ) | 1,543 | ||||||
Other income | 919 | 644 | |||||||
Other expense | - | (1 | ) | ||||||
Profit before tax | 5,883 | (1,297 | ) | ||||||
Income tax expense | (2,647 | ) | (964 | ) | |||||
Profit/(Loss) for the period | $ | 3,236 | $ | (2,261 | ) | ||||
Attributable to: | |||||||||
Equity holders of the parent | $ | 357 | $ | (1,974 | ) | ||||
Non-controlling interests | $ | 2,879 | $ | (287 | ) | ||||
Basic and diluted profit / (loss) per share | $ | 0.03 | $ | (0.14 | ) | ||||
Basic and diluted weighted average common shares outstanding | 13,819,669 | 13,819,669 | |||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||
(Unaudited) | |||||||||
(Amounts in thousands of US Dollars, except share data) | |||||||||
For the nine months | |||||||||
ended | |||||||||
2020 | 2019 | ||||||||
(Unaudited) | (Unaudited) | ||||||||
Profit/(Loss) for the period | $ | 3,236 | $ | (2,261 | ) | ||||
Other comprehensive income | |||||||||
Other comprehensive income to be reclassified to profit or loss in subsequent periods: | |||||||||
Exchange differences on translation of foreign operations, net of tax of nil | (7,268 | ) | 4,721 | ||||||
(7,268 | ) | 4,721 | |||||||
Other comprehensive income not to be reclassified to profit or loss in subsequent periods: | |||||||||
Changes in the fair value of equity instruments measured at FVOCI | (1,565 | ) | 425 | ||||||
Income tax effect | 313 | (85 | ) | ||||||
(1,252 | ) | 340 | |||||||
Re-measuring losses on defined benefit plans | 227 | (135 | ) | ||||||
Income tax effect | (45 | ) | 27 | ||||||
182 | (108 | ) | |||||||
Other comprehensive (loss) / income for the year , net of tax | (8,338 | ) | 4,953 | ||||||
Total comprehensive (loss) / income for the period, net of tax | (5,102 | ) | 2,692 | ||||||
Attributable to: | |||||||||
Equity holders of the parent | (3,559 | ) | (791 | ) | |||||
Non-controlling interests | (1,543 | ) | 3,483 | ||||||
$ | (5,102 | ) | $ | 2,692 | |||||
CONSOLIDATED BALANCE SHEETS | |||||
(In thousands of US Dollars, except share data) | |||||
As of (Unaudited) | As of (Audited) | ||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | $ | 44,584 | $ | 53,673 | |
Trade receivables | 66,626 | 74,077 | |||
Other receivables | 9,692 | 6,868 | |||
Contract assets | 1,795 | 4,686 | |||
Due from related parties | 10,471 | 11,566 | |||
Inventories | 98,214 | 85,187 | |||
Prepayments | 3,861 | 1,926 | |||
Other current assets | 1,958 | 1,521 | |||
237,201 | 239,504 | ||||
Non-current assets | |||||
Financial assets at fair value through other comprehensive income | 2,454 | 4,062 | |||
Property, plant and equipment | 47,370 | 41,747 | |||
Right of use assets | 3,368 | 3,735 | |||
Prepaid land lease payments | - | - | |||
Investment properties | 5,866 | 730 | |||
Intangible assets | 187 | 128 | |||
Investments in associates accounted from using equity method | 881 | 935 | |||
Deferred tax assets | 4,207 | 3,939 | |||
Other non-current assets | 3,966 | 4,131 | |||
68,299 | 59,407 | ||||
Total assets | $ | 305,500 | $ | 298,911 | |
CONSOLIDATED BALANCE SHEETS | ||||||
(In thousands of US Dollars, except share data) | ||||||
As of (Unaudited) | As of (Audited) | |||||
Liabilities | ||||||
Current liabilities | ||||||
Interest-bearing loans and borrowings | $ | 12,872 | 11,356 | |||
Trade and other payables | 18,737 | 16,879 | ||||
Due to related parties | 10,731 | 3,284 | ||||
Financial liabilities at fair value through profit or loss | - | 3 | ||||
Accruals | 12,458 | 14,437 | ||||
Current tax liabilities | 3,330 | 2,872 | ||||
Employee benefit liabilities | 2,101 | 1,888 | ||||
Financial lease liabilities | 564 | 574 | ||||
Other current liabilities | 3,196 | 2,356 | ||||
63,989 | 53,649 | |||||
Non-current liabilities | ||||||
Interest-bearing loans and borrowings | 3,400 | - | ||||
Employee benefit liabilities | 9,943 | 10,434 | ||||
Financial lease liabilities | 1,825 | 2,254 | ||||
Deferred tax liabilities | 4,217 | 4,139 | ||||
19,385 | 16,827 | |||||
Total liabilities | 83,374 | 70,476 | ||||
Equity | ||||||
Issued capital | 138 | 138 | ||||
Additional paid-in capital | 110,416 | 110,416 | ||||
(38) | (38 | ) | ||||
Retained earnings | 53,741 | 53,384 | ||||
Other components of equity | (13,962) | (10,046 | ) | |||
Equity attributable to equity holders of the parent | 150,295 | 153,854 | ||||
Non-controlling interests | 71,831 | 74,581 | ||||
Total equity | $ | 222,126 | 228,435 | |||
Total liabilities and equity | $ | 305,500 | 298,911 | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
(Unaudited) | ||||||
(In thousands of | ||||||
For the years | ||||||
ended | ||||||
2020 | 2019 | |||||
(Unaudited) | (Unaudited) | |||||
Net cash provided by / (used in) operating activities | $ | 6,258 | $ | (2,025 | ) | |
Net cash used in investing activities | (19,335 | ) | (2,945 | ) | ||
Net cash (used in) financing activities | 5,973 | (6,476 | ) | |||
Effect of exchange rate on cash and cash equivalents | (1,985 | ) | 1,414 | |||
Net decrease in cash and cash equivalents | (9,089 | ) | (10,032 | ) | ||
Cash and cash equivalents at beginning of period | 53,673 | 60,778 | ||||
Cash and cash equivalents at end of period | $ | 44,584 | $ | 50,746 | ||
Source:
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