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ASIA PACIFIC WIRE & CABLE REPORTS FINANCIAL RESULTS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2008

NEW YORK, NY — October 16, 2008 – Asia Pacific Wire & Cable Corporation (OTCBB: AWRCF) (the “Company”) announced today its unaudited financial results for the six-month period ended June 30, 2008. The six-month results are unaudited and subject to subsequent adjustment.

The Company reported net sales of $273.9 million for the six-month period ended June 30, 2008, representing an increase of 15.6% over net sales of $236.9 million for the six-month period ended June 30, 2007. Copper and aluminum sales for the six-month period ended June 30, 2008 totaled 28,001 tons, an increase of 13.6% over the 24,654 tons recorded for the six-month period ended June 30, 2007. Net profit was $1.8 million, or $0.13 per share, for the six-month period ended June 30, 2008, an increase of 7.9% over net profit of $1.7 million, or $0.12 per share, for the six-month period ended June 30, 2007.

The Singapore, China and Australia operations each made significant contributions during the first six months of 2008, helping the Company realize year-over-year performance gains.
The Company also announced that during the first six months of 2008, Sigma Cable Company Private Limited, a subsidiary in Singapore, secured two key contracts from SP PowerAsset Limited, a Singapore government enterprise, worth a total of $113 million. The first is a $69 million supply contract for low-voltage power cables, and the second is a $44 million supply and installation contract for high-voltage power cables. The contracts are for the period from 2008 to 2010.

The Company anticipates several challenges in the near-term, including the impact of falling copper prices, the current worldwide financial and economic uncertainty, the political instability in Thailand, and the recent introduction in China of changes in labor policies and taxation of foreign-invested enterprises, which have particularly affected the Company’s enameled wire business in Shenzhen. The Company is taking actions to address these challenges, including steps to reduce inventory, accounts receivables and operating costs across operations while continuing to offer quality products and premier services to maintain and expand its customer base and markets.

 


 

About Asia Pacific Wire & Cable
Asia Pacific Wire & Cable Corporation is a leading manufacturer of wire and cable products for the telecommunications, power and enameled wire industries in selected markets in the Asia Pacific region.

Except for statements of historical facts, this news release contains certain forward-looking statements about the Company. Such statements are subject to significant risks and uncertainties including changes in economic and market conditions, successful implementation of growth plans, and other risks noted in the Company’s SEC filings, which may cause actual results to differ materially.

 

 

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