Bermudian-incorporated Asia Pacific Wire & Cable Corporation has reported a net profit attributable to shareholders of $1.1 million for the first nine months of 2023.

That compares with a net profit of $0.6 million for the nine months ended September 30, 2022.

Revenues for the nine-month period were $294.2 million, a decrease of 5.3 per cent from $310.7 million for the same period in 2022.

Operating profit was $0.1 million, a decrease of 97.1 per cent from operating profit of $3.8 million for the nine months ended September 30, 2022.

The company said the operating profit fell following a decline in higher-margin Thai government projects and the fluctuation of copper prices.

APWC is a holding company incorporated in Bermuda with principal executive offices in Taiwan that operates its business through operating subsidiaries.

The company is principally engaged in the manufacture and distribution of enamelled 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.