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<SEC-DOCUMENT>0000950136-03-003031.txt : 20031210
<SEC-HEADER>0000950136-03-003031.hdr.sgml : 20031210
<ACCEPTANCE-DATETIME>20031210123933
ACCESSION NUMBER:		0000950136-03-003031
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030930
FILED AS OF DATE:		20031210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASIA PACIFIC WIRE & CABLE CORP LTD
		CENTRAL INDEX KEY:			0001026980
		STANDARD INDUSTRIAL CLASSIFICATION:	DRAWING AND INSULATING NONFERROUS WIRE [3357]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14542
		FILM NUMBER:		031046603

	BUSINESS ADDRESS:	
		STREET 1:		NO 42 LIU FANG RD
		STREET 2:		JURONG TOWN
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>file001.txt
<DESCRIPTION>FORM 6-K
<TEXT>
<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 6-K

                  Report of foreign private issuer pursuant to
                    section 13(a) or 15(d) of the Securities
                              Exchange Act of 1934.





               For the nine-month period ended September 30, 2003

                  ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
             (Exact name of registrant as specified in its charter)

                             19 Benoi Road, Level 3A
                          Sigma Cable High Tech Complex
                                Singapore 629909
                     (Address of principal executive office)





Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.

         [X]  Form 20-F             [ ]  Form 40-F

Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

         [ ]  Yes                   [X]  No




<PAGE>


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED

INDEX
- -----

ITEM 1            Financial Statements
                       Consolidated Balance Sheet                              3
                       Consolidated Income Statement                           5
                       Consolidated Cash Flow Statement                        6
                       Notes to Consolidated Financial Statements              7

ITEM 2            Management's Discussion and Analysis of Financial
                  Condition and Results of Operation
                       Consolidated Supplemental Operating Data               10
                       Results of Operation                                   11
                       Liquidity and Capital Resources                        15
                       Recent Developments                                    16
                       Special Note Regarding Forward-looking Statements      16

SIGNATURE

EXHIBIT 1



                                      -2-
<PAGE>

ITEM 1: FINANCIAL STATEMENTS

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (UNAUDITED)
(In thousands of US Dollars)

<TABLE>
<CAPTION>
                                                  September 30,     December 31,
ASSETS                                                2003              2002
                                                  -------------     ------------
<S>                                                <C>               <C>
Current assets:
   Cash and cash equivalents                       $  16,723         $  14,431
   Short-term bank deposits                            9,203             3,892
   Accounts receivable                                54,380            53,740
   Amounts due from related parties                    1,948             4,675
   Inventories:
      Distributed products                               613             2,750
      Finished products                               20,704            15,188
      Products in process                             10,042             7,634
      Raw materials and supplies                      10,240            13,948
                                                  -------------     ------------
                                                      41,599            39,520
   Investments                                           439               541
   Deferred tax assets                                   182               657
   Other current assets                                4,877             3,332
                                                  -------------     ------------
         Total current assets                        129,351           120,788

Property, plant and equipment:
   Land                                                6,486             6,170
   Buildings                                          35,820            33,191
   Machinery and equipment                            78,953            76,652
   Motor vehicles                                      2,637             2,544
   Office equipment                                    7,672             6,004
                                                  -------------     ------------
                                                     131,568           124,561
   Accumulated depreciation and amortization          64,037            56,311
                                                  -------------     ------------
                                                      67,531            68,250
Other assets:
   Long term investment                                3,521             2,412
   Investment in an equity investee                    8,959             8,735
   Goodwill                                            7,609             7,607
   Other assets                                          209               168
   Deferred tax assets                                   398               233
                                                  -------------     ------------
                                                      20,696            19,155
                                                  -------------     ------------
         Total assets                             $  217,578        $  208,193
                                                  =============     ============
</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements.

                                      - 3 -
<PAGE>

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (UNAUDITED)
(In thousands of US Dollars, except share data)

                                                 September 30,      December 31,
LIABILITIES AND SHAREHOLDERS' EQUITY                  2003              2002
                                                  -------------     ------------
Current Liabilities:
   Bank loans and overdrafts                      $   24,294        $   36,808
   Accounts payable and accrued expenses              10,598            15,175
   Amounts due to related parties                     24,118            16,052
   Short-term loans from related parties               1,118             2,251
   Income taxes                                          975             1,450
   Current portion of long-term debt                   1,503             1,125
   Other current liabilities                           2,834             1,481
                                                  ------------      ------------
         Total current liabilities                    65,440            74,342

Long-term debt, less current portion                     121               675
Long-term debt from a related party, less
   current portion                                     7,818             8,822
Other liabilities                                        884               232
Deferred income tax                                    1,973             2,336
Minority interests                                    43,650            29,739
                                                  ------------      ------------
                                                     119,886           116,146

Shareholders' equity:
   Common stock, $0.01 par value:
      Authorized shares - 20,000,000 shares
      Issued and outstanding shares
      - 13,830,769 shares in 2002 and 2003               138               138
   Additional paid-in capital                        111,541           111,541
   Retained earnings                                  16,360            11,032
   Currency translation adjustments                  (29,658)          (29,959)
   Unrealised gain/(loss) on investments                (689)             (705)
                                                  ------------      ------------
         Total shareholders' equity                   97,692            92,047
                                                  ------------      ------------

         Total liabilities and shareholders'
            equity                                $  217,578        $  208,193
                                                  ============      ============



Equity per share                                  $     7.06        $     6.66
Issued and outstanding shares                     13,830,769        13,830,769


The accompanying notes are an integral part of these consolidated financial
statements.






                                      - 4 -
<PAGE>


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
(In thousands of US Dollars, except share data)

<TABLE>
<CAPTION>

                                                    Three Months Ended September 30,  Nine Months Ended September 30,
                                                    --------------------------------  -------------------------------
                                                          2003             2002            2003             2002
                                                    -------------      -------------  --------------  ---------------
<S>                                                 <C>                <C>            <C>              <C>

Net sales:
   Manufactured products                            $     48,376       $   44,648     $   132,985     $    123,556
   Distributed products                                    4,530            7,307          10,414           22,857
   Sales, delivery and installation of products              929            5,633           3,525           19,301
                                                    -------------      -------------  --------------  ---------------
                                                          53,834           57,587         146,924          165,713
Costs of sales                                            47,743           46,967         125,371          139,844
                                                    -------------      -------------  --------------  ---------------
Gross profit                                               6,090           10,620          21,553           25,869
   Selling, general and administrative expenses            3,254            5,369          12,275           13,427
                                                    -------------      -------------  --------------  ---------------
Income from operations                                     2,836            5,250           9,278           12,441
   Exchange gain/(loss)                                    1,332           (1,124)          3,110              887
   Interest income                                           194              333             615              666
   Interest expense                                         (385)            (888)         (1,442)          (2,450)
   Share of net gain/(loss) of equity investee                (0)             559              66              230
   Other income/(loss)                                    (1,291)            (563)           (721)             224
                                                    -------------      -------------  --------------  ---------------
Profit before tax and minority interests                   2,686            3,567          10,906           11,998
   Income taxes                                             (603)            (900)         (2,639)          (2,662)
   Minority interest                                        (960)          (1,152)         (2,939)          (2,419)
                                                    -------------      -------------  --------------  ---------------
Net profit/(loss)                                   $      1,125       $    1,514     $     5,328     $      6,916
                                                    =============      =============  ==============  ===============

Comprehensive income statement disclosure:
   Net income/(loss)                                       1,125            1,514           5,328            6,916
   Currency translation adjustment                         2,249           (2,795)            301            1,825
   Unrealised gain/(loss) on investments                       1               (1)             16                4
                                                    -------------      -------------  --------------  ---------------
      Net change in total shareholders' equity      $      3,374       $   (1,282)    $     5,645     $      8,745
                                                    =============      =============  ==============  ===============


Net gain/(loss) per share                           $       0.08       $     0.11      $     0.39       $     0.50
Issued and outstanding shares                         13,830,769       13,830,769      13,830,769       13,830,769


</TABLE>



Note:
The above results include exchange gain of $3,110 thousand for the nine-month
period ending September 30, 2003 largely due to the strengthening of the Thai
Baht and Australia Dollar against the U.S. Dollar during the period. The
exchange gain net of taxes and minority interests amounts to $1,921 thousand,
compared to a net gain of $549 thousand for the same period in 2002. For more
details, please refer to the section entitled Exchange Gain/Loss under
"Management's Discussion and Analysis of Financial Condition and Results of
Operation".

The accompanying notes are an integral part of these consolidated financial
statements.

                                       -5-

<PAGE>
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES
CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
(In thousands of US Dollars)

<TABLE>
<CAPTION>

                                                                                Nine Months Ended September 30,
                                                                                -------------------------------
                                                                                    2003               2002
                                                                                ---------------   -------------
<S>                                                                               <C>              <C>
Operating activities:
   Net income                                                                     $    5,328       $    $6,916
   Adjustments to reconcile net income to net cash
      Depreciation and amortization                                                    7,726              7,452
      Deferred income taxes                                                              (53)               854
      Undistributed (gain)/loss of an equity investee                                    (66)              (230)
      Minority interests                                                               2,939              2,419
      Unrealized exchange (gain)/loss                                                   (972)              (140)
      Gain from disposal of investment                                                     -               (500)
      Changes in operating assets and liabilities:
         Accounts receivable                                                            (640)            (8,007)
         Inventories                                                                  (2,078)            (1,204)
         Other assets                                                                 (1,472)             3,313
         Amounts due to/from related parties                                           8,656             (2,437)
         Other liabilities                                                            (3,048)             3,173
                                                                                  -------------    -------------
Net cash provided by operating activities                                             16,319             11,611

Investing activities:
   Proceeds from disposal of investment                                                    -              2,180
   Divestment/(investment) in long term investment                                    (1,266)               166
   Decrease/(increase) in short-term bank deposits                                    (5,311)              (255)
   Disposal/(addition) of property, plant and equipment                               (7,007)            (8,598)
                                                                                  -------------    --------------
Net cash provided by/(used in) investing activities                                  (13,584)            (6,507)
                                                                                           -
Financing activities:                                                                      -
   Increase/(decrease) in long-term debt                                                (177)            (2,108)
   Increase/(decrease) in bank loans and overdrafts                                  (12,514)            10,383
   Minority interest                                                                  10,972               (812)
                                                                                 -------------    --------------
Net cash provided by financing activities                                             (1,719)             7,463
                                                                                           -
Effect of exchange rate changes                                                        1,276             (3,417)
                                                                                 -------------    --------------
Net decrease in cash and cash equivalents                                              2,292              9,149
Cash and cash equivalents at beginning of period                                      14,431             11,350
                                                                                 -------------    --------------
Cash and cash equivalents at end of period                                         $  16,723        $    20,499
                                                                                 =============    ==============
</TABLE>

The accompanying notes are an integral part of these consolidated financial
statements.



                                      -6-
<PAGE>


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
SEPTEMBER 30, 2003


1        BASIS OF PRESENTATION

         The accompanying unaudited consolidated financial statements have been
         prepared in accordance with the instructions to Form 6-K and do not
         include all information and footnotes necessary for a fair presentation
         of the financial position, results of operations, and cash flows in
         conformity with generally accepted accounting principles. The
         consolidated financial statements should be read in conjunction with
         the audited consolidated financial statements for the fiscal period
         ended December 31, 2002.

         The preparation of the consolidated financial statements in conformity
         with generally accepted accounting principles required management to
         make estimates and assumptions that affect the amounts reported in the
         consolidated financial statements. Actual results could differ from
         these estimates.

         Significant inter-company accounts and transactions have been
         eliminated upon consolidation. The Company's investment in Loxley
         Pacific Co., Ltd., Thai Professional Telecom Network Co., Ltd. and
         Shandong Rubber Cable Company, Ltd. ("SRC") have been accounted for
         using the equity method. The investments in these companies, except
         for SRC, are held under Charoong Thai Wire & Cable Co. Ltd. ("Charoong
         Thai").

         The financial statements for the interim period shown in this report
         are not necessarily indicative of results to be expected for the fiscal
         year. In the opinion of management, the information contained herein
         reflects adjustments necessary to present fairly the consolidated
         financial position as of September 30, 2003 and December 31, 2002, and
         the results of operations and cash flows for the nine-month periods
         ended September 30, 2003 and September 30, 2002.


2        ORGANIZATION, PRINCIPAL ACTIVITIES AND NEW INVESTMENTS

         The Company was incorporated in Bermuda on September 19, 1996 for the
         purpose of acting as a holding company and is principally engaged in
         owning operating companies engaged in the electronic cable, power
         cable, telecommunication cable and enameled wire industry.


                                      -7-
<PAGE>


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - (CONT.)
SEPTEMBER 30, 2003


2        ORGANIZATION AND PRINCIPAL ACTIVITIES - (CONT.)

         The principal operating units in the consolidated financial statements
         as at September 30, 2003 are as follows:
<TABLE>
<CAPTION>

                                                          Effective
         Company                          Location        % Interest         Business Description
         -------                          --------        ----------         ---------------------
        <S>                               <C>             <C>                <C>


         Sigma Cable Company (Pte.)       Singapore        98.2%             Power cable, sales, delivery
         Ltd.                                                                and installation and distributed
                                                                             products

         Sino-Sin Trading Pte. Ltd.       Singapore         100%             Power cable and distributed
                                                                             products

         Sigma-Epan International Pte.    Singapore         100%             Electronic cable
         Ltd.

         Siam Pacific Electric Wire &     Thailand         59.2%             Telecommunication cable,
         Cable Co. Ltd.                                                      power cable and enameled wire

         Pacific Thai Electric Wire &     Thailand         59.2%             Enameled wire
         Cable Co. Ltd.

         Charoong Thai Wire & Cabl        Thailand         59.2%             Telecommunication cable and
         Co. Ltd.                                                            power cable

         Loxley Pacific Co. Ltd.          Thailand         24.6%             Telecommunication service

         Thai Professional Telecom        Thailand         19.2%             Telecommunication service
         Network Co. Ltd.

         Australia Pacific Electric        Australia       98.5%             Power cable
         Cables Pty. Ltd.

         Crown Century Holdings Ltd.       Hong Kong        100%             Trading

         Pacific Electric Wire & Cable     Shenzhen,        100%             Enameled wire
         (Shenzhen) Co., Ltd.              China

         Ningbo Pacific CDC Cable          Ningbo,         94.3%             Telecom cable
         Co. Ltd.                          China

</TABLE>
                                      -8-
<PAGE>


ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - (CONT.)
SEPTEMBER 30, 2003


2        ORGANIZATION AND PRINCIPAL ACTIVITIES - (CONT.)
<TABLE>
<CAPTION>


                                                         Effective
         Company                         Location        % Interest         Business Description
         -------                         --------        ----------         ---------------------
         <S>                             <C>             <C>                <C>

         Shanghai Yayang                 Shanghai,        62.4%             Enameled wire
         Electric Co., Ltd.              China

         Shandong Pacific                Yanggu,          51.0%             Fiber optic cable
         Fiber Optic Cable Co., Ltd.     China

         Shandong Pacific Rubber         Yanggu,          25.0%             Rubber Cable
         Cable Co., Ltd.                 China

</TABLE>

On August 18, 2001, a joint-venture agreement was signed with Shandong Yanggu
Cable Company ("Shandong Yanggu") to establish Shandong Huayu Pacific Fiber
Optics Communication Co., Ltd. ("SHP") for the manufacture of optic fibers. The
Company will invest $3.0 million for a 49% holding; the remaining 51% will be
held by Shandong Yanggu. Production is tentatively scheduled to commence in 2004
with initial production of 900,000km of optic fibers annually. The actual
operation commencement period will depend on the assessment of market
conditions. The company plans to operate two optic fiber drawing tower and four
production lines. Its products will be sold to Shandong Pacific Fiber Optic
Cable Co., Ltd. and other external buyers. The Company believes that the market
for optic fiber and fiber optic cable will remain promising in China in the long
term.

On March 22, 2002, the Company acquired two companies, namely Crown Century
Holdings Ltd. ("CCH") and its wholly-owned subsidiary, Pacific Electric Wire &
Cable (Shenzhen) Co., Ltd. ("PEWS") from Pacific Electric Wire & Cable Co., Ltd.
("PEWC"). The acquisition was in exchange for 3,097,436 new shares of the
Company issued to PEWC. PEWS manufactures enameled wire for electronic, video
and audio products for the South China Market and for export. The consolidated
revenues of CCH and PEWS for the year 2002 were $35.0 million with a profit of
$4.8 million. For the year to date as at September 30, 2003, these companies
contributed $24.7 million in sales and $2.2 million in net profits to the
Company's results.

On July 2, 2002, the Company completed the merger of its Thai operations,
Charoong Thai Wire & Cable Co. Ltd. ("Charoong Thai") and Siam Pacific Electric
Wire & Cable Co., Ltd. ("Siam Pacific"). The merger resulted in Siam Pacific and
its wholly owned subsidiary, Pacific Thai Electric Wire & Cable Co., Ltd.
("Pacific Thai"), being 100%-owned, directly and indirectly, respectively, by
Charoong Thai. The Company currently holds a 59.2% interest in the combined Thai
entities. Charoong Thai remains listed on the Stock Exchange of Thailand. The
merger is expected to enhance efficiencies, reduce overheads and maintain our
leadership position in Thailand.

                                      -9-

<PAGE>


ITEM 2:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATION

CONSOLIDATED SUPPLEMENTAL OPERATING DATA
(In thousands of US Dollars, except percentages and tonnage)

<TABLE>
<CAPTION>

                                             Three Months Ended September 30,    Nine Months Ended September 30,
                                             --------------------------------    -------------------------------
                                                    2003              2002              2003              2002
                                             -----------------  -------------    -----------------  ------------
<S>                                          <C>                <C>              <C>                <C>

Tonnage (of copper content) sold:
   Manufactured products:
      Telecommunications cable                         469               751             1,626             1,924
      Power cable                                    7,031             8,079            22,339            22,875
      Enameled wire                                  9,139             8,422            25,582            21,597
                                             -------------      ------------     -------------      ------------
         Total tonnage                              16,639            17,252            49,547            46,396
                                             -------------      ------------     -------------      ------------
Net sales:
   Manufactured products:
      Telecommunications cable               $       8,368      $     10,430     $      24,253      $     23,835
      Power cable                                   15,940            12,491            41,146            42,599
      Enameled wire                                 23,000            20,259            64,459            53,327
      Electronic cable                               1,068             1,467             3,127             3,794
                                             -------------      ------------     -------------      ------------
Total manufactured products                         48,376            44,648           132,985           123,556
Distributed products                                 4,530             7,307            10,414            22,857
SDI project engineering                                929             5,632             3,525            19,301
                                             -------------      ------------     -------------      ------------
         Total net sales                     $      53,834      $     57,586     $     146,924      $    165,713
                                             =============      ============     =============      ============
Gross profit:
   Manufactured products:
      Telecommunications cable               $       1,219     $       3,237     $       5,279      $      6,536
      Power cable                                    2,016             3,412             7,504            11,183
      Enameled wire                                  2,389             3,259             7,517             6,738
      Electronic cable                                 124               207               423               395
                                             -------------      ------------     -------------      ------------
Total manufactured products                          5,748            10,115            20,723            24,852
Distributed products                                   402               475               817               773
SDI project engineering                                (57)               29                13               245
         Total gross profit                  $       6,092      $     10,618     $      21,553      $     25,869
                                             =============      ============     =============      ============
Gross profit margin:
   Manufactured products:
      Telecommunications cable                        14.6 %            31.0 %            21.8 %            27.4 %
      Power cable                                     12.6              27.3              18.2              26.3
      Enameled wire                                   10.4              16.1              11.7              12.6
      Electronic cable                                11.6              14.1              13.5              10.4
                                             -------------      ------------     -------------      ------------
Total manufactured products                           11.9              22.7              15.6              20.1
Distributed products                                   8.9               6.5               7.8               3.4
SDI project engineering                               (6.2)              0.5               0.4               1.3
                                             -------------      ------------     -------------      ------------
         Total gross profit                           11.3 %            18.4 %            14.7 %            15.6 %
                                             =============      ============     =============      ============
</TABLE>




                                      -10-

<PAGE>


RESULTS OF OPERATION

General

Results of operations are determined primarily by the Company's ability to
manufacture high quality products efficiently at competitive costs and the
economic conditions of the countries and the region in which it operates. The
Company's results are also influenced by a number of factors, including currency
stability of the countries in which its operations are located, competition in
the industry and the cost of raw materials, especially copper, which accounted
for approximately 55% of the cost of goods sold.

Revenues in the third quarter of 2003 were $53.8 million compared with $57.6
million in the same period of 2002, a decrease of 7%, due to decreases in
revenues from Distributed Products and `Supply, Delivery and Installation'
("SDI") project engineering services, offset by increase in revenues from
manufactured products. Gross profit margin during the quarter decreased from
18.4% in 2002 to 11.3% in 2003 partly due to higher costs as a result of a 16%
year-on-year increase in copper prices for the quarter. The net profit for the
quarter this year was $1.1 million compared to $1.5 million last year due
largely to lower gross profit, offset by exchange gain and lower selling,
general and administrative expenses.

Revenues for the nine-month period ended September 30, 2003 were $147 million
compared with $166 million for the same period in 2002. Tonnage sales of
manufactured products increased by 7% while net sales decreased by 11% due
primarily to decreases in revenue from Distributed Products and SDI project
engineering services, offset by increase in revenues from manufactured
products.. The acquired companies, CCH and PEWS, contributed $25 million in
revenue during the nine-month period. Profit margins on the whole have decreased
marginally from 15.6% in 2002 to 14.7% in 2003, with decreases for all
categories of products with the exception of electronic cable and Distributed
Products. The decrease in gross profit margin was partly due to higher costs as
a result of a 8% year-on-year increase in copper prices for the nine-month
period. The Company's operations in Thailand, Australia and China were doing
well, especially in the power cable and enameled wire sectors where demand has
been strong. The operations generated a lower operating income of $9.3 million
in the first nine months of 2003 compared to $12.4 million in the same period in
2002 on account of lower gross profit, offset by lower selling and
administrative expenses. Exchange gain of $3.1 million was incurred as a result
of the Thai Baht and Australia Dollar strengthening against the U.S. Dollar
during the period. Net results for the nine-month period ended September 30,
2003 reflected a net profit of $5.3 million ($0.39 per share), as compared to a
net profit of $6.9 million ($0.50 per share) for the same period last year.

Copper Prices

Copper prices have increased by approximately 8% to an average of $1,686 per
metric ton during the first nine months of 2003, as compared to an average of
$1,561 per metric ton during the same period in 2002. Copper prices for the
months of October 2003 rose even further to an average of $1,921 per metric ton.
Copper prices indicated are quoted from the London Metal Exchange (LME) index.


                                                2003                   2002
                                           ---------------        --------------
  Average LME copper price ($/Ton)  1Q      $      1,663           $      1,557
                                    2Q             1,641                  1,611
                                    3Q             1,753                  1,516
                                    4Q               _                    1,554
                                           ---------------        --------------

                                    Average       1,686                   1,560
                                           ===============        ==============


                                      -11-
<PAGE>

Regional Economy

East Asia's growth could pick up in the second half to reach 5.3% for this year
and 6.1% in 2004, as the adverse economic impacts of Severe Acute Respiratory
Syndrome ("SARS") turn out to be moderate, according to Asian Development Bank.
An unfavorable external environment and the SARS epidemic have combined to keep
first half growth muted in East Asia, dragging down the projected figure for the
whole of 2003, which fall short of the 6.6% growth achieved in 2002. However,
there is optimism for growth pick up in the second half as the global economy
recovers, led by stronger growth in US, Japan and China.

The Singapore economy is expected to expand between 1.4% and 3.3% in the second
half of 2003 after contracting 1.3% in the first half. The improvement in the
second half is dependent on the United State's economic growth and global
electronic demand. The government has put forward many reform measures aimed at
stimulating growth. Economic growth for the whole year is expected to be around
0.8%, compared to 2.3% growth achieved in 2002. Growth for 2004 is projected at
4.5%.

Power cable sales by Sigma Cable are dependent on the construction sector in
Singapore while revenue from SDI project engineering services is dependent on
the power cable infrastructure projects released by the Singapore Government.
Revenues from Distributed Products and project engineering by Sigma Cable during
the first nine months of 2003 have registered a contraction of 54% and 82%,
respectively, compared to the same period in 2002.

Thailand's economic growth is projected to be around 5.0% for the current year
compared to 5.3% in 2002. The Thai economy expanded in the first half of this
year mainly on the back of strong domestic consumption and buoyant exports.
Exports grew nearly 20% year on year through the first half of 2003. The Thai
government has increased the national budget for infrastructure investment with
the intention of stimulating the economy. With the expansionary policy of the
Thaksin Government, new contracts for infrastructure projects in
telecommunications and power have been made available, which will likely benefit
the Company's operations in Thailand.

China's economy remains robust expanding by 8.2% over the first half of 2003
compared to the same period in 2002. China's economy is expected to be the
fastest growing in Asia, expanding 8.2% for 2003 and 7.7% for 2004, compared to
8.0% in 2002. The growth is largely supported by rising exports and foreign
investment. The Chinese economy remains healthy with substantial spending in
infrastructure projects and domestic consumption. The Company's operations in
China are performing to expectations, especially for the enameled wire sector
where demand continues to be strong. However, the Company faces keen competition
in the telecommunication cable and fiber optic cable sectors.

The Company's performance is largely influenced by the telecommunication and
power infrastructure and construction sectors in the countries in which it
operates. Growth in these industrial sectors is dependent on the general
economies of the respective countries, the local government fiscal expenditure
policies and domestic consumption. Certain industrial sectors have shown
increases in demand in specific countries the Company operates in, such as
Thailand and China.

Sales Volume

Sales volume of manufactured products, excluding electronic cables, by weight of
conductor content for the first nine months of 2003 increased by 7% to 49,547
tons from 46,396 tons over the same period in 2002. Sales volumes of enameled
wire increased by 18%, while that of telecommunication cable and

                                      -12-
<PAGE>



power cable decreased by 15% and 2% respectively. Sales of enameled wire were
boosted by the strong demand in the electronic sector in China. Sales of
telecommunication cable and power cable were largely supported by the
infrastructure projects in Thailand and the construction sector in Australia.

As a percentage of total copper sales tonnage of manufactured products, the
shares of the operations in Thailand, China, Singapore and Australia are 54%,
28%, 11% and 7%, respectively.

Net Sales

Net sales for the first nine months of 2003 amounted to $147 million,
representing a decrease of $19 million or 11% against sales of $166 million
during the same period in 2002. Sales of manufactured products during the first
nine months of 2003 are at $133 million, an increase of 8% compared to $124
million recorded in 2002. This increase was largely on account of increases in
sales of enameled wire of 21%. The recently acquired companies CCH and PEWS
contributed $25 million in sales of enameled wire, representing 38% of the total
enameled wire sales. Revenue from distributed products and SDI project
engineering decreased by 54% and 82%, respectively, over the same period in 2002
due to fewer tenders offered by Power Grid, the Singapore government-linked
utility company, for deliveries and projects in 2003.

The following table shows the percentage share in sales of the respective
operations by countries with respect to the total sales of the Company for the
first nine months of 2003:

                              Manufactured            All products
                              products only           and services
                              --------------         --------------
   Thailand                            49.0%                  44.7%
   Singapore                           10.0%                  18.6%
   Australia                           10.9%                   9.8%
   China                               30.1%                  26.9%
                             ---------------         --------------
   Total                              100.0%                 100.0%
                             ===============         ==============

Since 1997, the Company has been running a project engineering division in Sigma
Cable in anticipation of the various upgrading and infrastructure projects to be
undertaken by the government and the private sector. The Company anticipated
significant demand for medium and high voltage cables and value-added turnkey
services in the power supply industry. The project engineering division offers
'Supply, Delivery and Installation' (SDI) of power cables to power transmission
projects.

In May 2001, the Company's Singapore subsidiary, Sigma Cable, secured a contract
from Power Grid worth approximately $38.6 million. The project is to be
completed by December 2003 and it calls for the laying of 66kV high voltage
power cables along nine distinct routes.

In September 2003, Sigma Cable secured another tender with a value of $14.1
million. The project targets for completion around July 2005. It calls for the
laying of 66kV high voltage power cable along three distinct routes. The Company
will continue to tender for future projects.

Gross Profit

Gross profit for the first nine months of 2003 amounted to $21.6 million,
representing a decrease of $4.3 million or 17% compared to $25.9 million for the
same period in 2002. Year-on-year contributions from

                                      -13-
<PAGE>


manufactured products decreased by $4.1 million or 17% due to decreased
contributions from telecommunication cable and power cable. Sales from CCH and
PEWS contributed $4.0 million gross profit in enameled wire, representing 53% of
the total gross profit in enameled wire.

Gross profit margins in absolute percentages for the first nine months of 2003
on the whole have decreased marginally from 15.6% in 2002 to 14.7% in 2003, with
decreases for all categories of products with the exception of electronic cable
and Distributed Products. Gross profit margins for total manufactured products
decreased from 20.1% to 15.6% between the first nine months of 2002 and 2003.
The decrease in gross profit margin was partly due to higher costs as a result
of the 8% year-on-year increase in copper prices for the nine-month period.

Operating Income

Income from operations for the first nine months of 2003 amounted to $9.3
million, representing a decrease of $3.2 million compared to $12.4 million for
the same period in 2002. The decrease is attributable to lower gross profit and
offset by lower selling and administrative expenses.

Gain/Loss from Investee

The Company's investments in Loxley Pacific Co., Ltd., Thai Professional Telecom
Network Co., Ltd., Newcall Group Ltd. ("NGL") and Shandong Rubber Cable Company,
Ltd. ("SRC") have been accounted for as equity investees. The investments in
these companies are held under Charoong Thai, except for SRC. NGL now focuses it
business on energy resale, provision of Internet service and utility systems in
New Zealand.

Exchange Gain/Loss

The exchange rates used in the accounts were as follows:


                              September 30,           December 31,
 Foreign currency to US$1:        2003                    2002
                              --------------         --------------
   Thai Baht                           39.95                 43.20
   Singapore $                          1.73                  1.74
   Australia $                          1.46                  1.78
   China Rmb                            8.30                  8.28

Exchange gains in the first nine months of 2003 were largely attributable to
strengthening of the Thai Baht and Australia Dollar against the U.S. Dollar over
the period. The strengthening regional currencies reflected expectation of
stronger economic growth in these countries. Based on the above rates, as at
September 30, 2003, the revaluation of assets and liabilities denominated in
U.S. Dollars or other foreign currencies in the companies resulted in an
exchange gain of $3.1 million, compared to a gain of $0.9 million as at
September 30, 2002. The combined exchange gain net of taxes and minority
interests amounted to $1.9 million for the nine months ended September 30, 2003,
compared to net gain of $0.5 million for the same period in 2002. The exchange
gain and loss have been reflected in the consolidated income statement as
follows:

                                      -14-
<PAGE>


                                  Nine Months            Nine Months
 (In thousands of US Dollars)        Ended                  Ended
                                 Sep 30, 2003           Sep 30, 2002
                                --------------         --------------
 Exchange gain/(loss)                  3,110                    887
 Income taxes                           (623)                  (193)
 Minority interest                      (567)                  (145)
                                --------------         --------------
   Net exchange gain/(loss)            1,921                    549
                                ==============         ==============

Discounting the exchange differences recorded, net profit for the first nine
months of 2003 would have been $3.4 million ($0.25 per share) compared to net
profit of $6.4 million ($0.46 per share) for the same period in 2002.

LIQUIDITY AND CAPITAL RESOURCES

Capital Expenditure and Capital Resources

The Company has financed and undertaken several investment programs under its
strategic development plan. Over the years, the strategic initiatives have
included upgrading and expanding production capacity in the Singapore, Thailand
and China operations, the acquisition of additional interest in Charoong Thai,
and the acquisition and start-up of joint venture interests in related
manufacturing facilities in Singapore, Malaysia and China.

On August 18, 2001, a joint-venture agreement was signed with Shandong Yanggu to
establish Shandong Huayu Pacific Fiber Optics Communication Co., Ltd. ("SHP")
for the manufacture of optic fibers. The Company will invest $2.4 million for a
49% holding; the remaining 51% will be held by Shandong Yanggu. Production is
tentatively scheduled to commence in 2004 instead of 2002 originally with
initial estimated production of 900,000km of optic fibers annually. The actual
operation commencement period will depend on the assessment of market
conditions. The company will operate with an optic fiber drawing tower and two
production lines. Its products will be sold to Shandong Pacific Fiber Optic
Cable Co., Ltd. ("Shandong Pacific"), a joint-venture company with partner
Shandong Yanggu established to manufacture fiber optic cable for the China
market in Yanggu County, Shandong Province, China, and other external buyers.
The Company believes that the market for optic fiber and fiber optic cable will
remain promising in China in view of her continued economic growth and
infrastructure building.

On March 22, 2002, the Company purchased 100% of PEWC's interest in CCH and its
wholly-owned subsidiary, PEWS, resulting in CCH and PEWS becoming wholly-owned
subsidiaries of the Company upon completion of the transaction. The acquisition
was funded by the issuance of 3,097,436 common shares. PEWS manufactures
enameled wire for electronic, video and audio products for the South China
Market and for export.

Other investments in 2002 include: the acquisition of an additional 3.51%
interest in NPC for $5.8 million, thereby increasing the Company's interest in
Ningbo from 90.8% to 94.31%; the acquisition of additional new shares in
Shanghai Yayang for $0.3 million, thereby increasing the Company's interest in
Shanghai Yayang from 62.09% to 62.39%; the acquisition of an additional 1.84%
interest in Newcall Communications Singapore Pte Ltd ("NCS") for $0.5 million,
thereby increasing the Company's interest in NCS from 37.69% to 39.53%; the
acquisition of additional new shares in Lox Pac for $1.2 million, however, the
further issuance of new shares during the year by Lox Pac has caused the
Company's effective interest in Lox Pac to be diluted from 30.56% to 24.58%;
and, the acquisition of the remaining

                                      -15-

<PAGE>


33.85% interest in Siam Pacific for $11.6 million, in the form of Charoong Thai
shares issued to the minority shareholders. NCS was liquidated during 2002 and
the increased investment was written off.

During the first half of 2003, the Company injected a further $1.0 million in
Shanghai Yayang Electric Co., Ltd. through its subsidiary Pacific Thai. The
additional investment was in view of improved sales and operating performance
and the need for expansion in capacity in the company.

During the first half of 2003, the Company injected a further $0.3 million in
Shandong Pacific. To date, the Company has invested a total of $2.8 million with
a 51.0% interest in Shandong Pacific.

The Company continues to have sufficient liquidity to meet its obligations as
they come due and plans to maintain its liquidity by establishing additional
lines of credit when the need arises. The Company continues to explore other
possibilities of acquisitions and joint venture partnerships in related
businesses in China and the Asia Pacific region.

Liquidity

The Company has met its working capital requirements from cash provided by
operations and borrowings. Cash provided by operating activities net of changes
in operating assets and liabilities during the first nine months of 2003
amounted to $16.3 million compared to $11.6 million during the same period in
2002.

The Company maintains several working capital and overdraft credit facilities
with various commercial bank groups and financial institutions. Credit and trade
facilities as at September 30, 2003 totaled approximately $80 million, of which
approximately $33 million has not been utilized.


RECENT DEVELOPMENTS

See Exhibit 1


SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS

The discussion above contains certain forward-looking statements based upon
management's best estimates of future events. Any statements that express, or
involve discussion as to, expectations, beliefs, plans, objectives, assumptions
or future events or performance are not historical facts and may be
forward-looking and, accordingly, such statements involve estimates, assumptions
and uncertainties which could cause actual results to differ materially from
those expressed in the forward-looking statements.

                                      -16-
<PAGE>





                                    SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.




Date: December 10, 2003

ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED






     /s/ Aaron Chik
- -----------------------------------
By:  Aaron Chik
     Chief Financial Officer


<PAGE>


EXHIBIT 1


                  ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED
    19 Benoi Road, Level 3A, Sigma Cable High Tech Complex, Singapore 629909
                   Tel: (65) 6663-2132/3, Fax: (65) 6663 2130

- --------------------------------------------------------------------------------

FOR IMMEDIATE RELEASE                    Contact:     Aaron Chik or Samuel See
December 9, 2003                                      Asia Pacific Wire & Cable
                                                      (65) 6663-2133

                                         Or:          Michael Mandelbaum
                                                      Mandelbaum Partners
                                                      (310) 785-0810


                  APWC AND PEWC OBTAIN A TEMPORARY RESTRAINING
                 ORDER TO BLOCK TRANSFER OF SHARES OWNED BY PEWC



NEW YORK, NY - DECEMBER 9, 2003 - Asia Pacific Wire & Cable Corporation Limited
("APWC", OTC Bulletin Board: AWRCF) announced today that it and its parent
company, Pacific Electric Wire & Cable Corporation Ltd. ("PEWC"), have succeeded
in obtaining a temporary restraining order ("TRO") in United States District
Court for the Southern District of New York blocking a transfer of certain
shares representing a controlling interest in APWC to Set Top International Inc.
("Set Top"), a British Virgin Islands Company. Both companies commenced a legal
action and sought the TRO after they concluded that the attempted transfer was
part of a scheme of self dealing, and was based on numerous misrepresentations
to its respective Boards by Mr. Tom Tung (Director of both APWC and PEWC
Boards), together with certain of his associates.

                                      -18-

<PAGE>



BACKGROUND ON THE PLEDGE AGREEMENT TO SWISS RE

As previously disclosed, in September 2001, PEWC and Swiss Re entered into an
Amended and Restated Letter of Credit and Reimbursement Agreement (the "LC
Agreement"), pursuant to which Swiss Re issued a letter of credit to satisfy
certain credit and loan obligations of PEWC's subsidiary, Pacific USA Holdings
Corp. ("PUSA"), to PUSA's lenders. Under the LC Agreement, Swiss Re issued a
Standby Letter of Credit in favor of Standard Chartered Bank, Hong Kong Branch
("Standard"), in the total amount of $124 million (the "Letter of Credit"),
conditioned upon the closing of a $120 million transaction between PUSA and
Standard. As a condition to obtaining the letter of credit, in February 2002,
PUSA, PEWC and Swiss Re finalized a Pledge Agreement ("Pledge Agreement"),
pursuant to which PUSA pledged to Swiss Re shares representing 50.44% of the
equity of APWC (the "Pledged Shares"), together with certain shares of other
related entities. PEWC is the ultimate beneficial owner of 75.4% of the equity
interest in APWC through its subsidiaries, Kinbong Holdings Limited ("Kinbong")
and PUSA.


PUSA BANKRUPTCY

As also previously disclosed, in December 2002, PUSA filed a voluntary petition
for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code
in the United States Bankruptcy Court for the Northern District of Texas, Dallas
Division.
Because of the bankruptcy filing, in December 2002, Swiss Re paid to Standard
$90.6 million under the terms of the Letter of Credit as a result of which Swiss
Re became entitled, under the terms of the Pledge Agreement, to foreclose on the
Pledged Shares of APWC.


CURRENT LITIGATION

Following an internal investigation, it was discovered by the Boards of both
PEWC and APWC that Mr. Tom Tung, without the authorization of either Board, had
separately negotiated a transaction whereby the Pledged Shares of APWC held by
PUSA and the shares of APWC held by Kinbong would be transferred to Set Top. The
terms of the transaction were initially withheld from and, subsequently,
misrepresented to the Boards of PEWC and APWC by Mr. Tom Tung.

The Boards of both PEWC and APWC concluded that Mr. Tom Tung has an undisclosed


                                      -19-
<PAGE>

interest in, or control position over, Set Top, and that the terms he agreed to
with Set Top are significantly less favorable to the companies than those that
would have been available in a bona fide transaction with an unaffiliated party.

The Boards of both PEWC and APWC commissioned a Special Committee which
investigated the activities of Mr. Tung and certain of his associates in
connection with the Set Top transaction. Based upon the conclusion of the
Special Committee, the Boards of both PEWC and APWC are proceeding to take the
necessary actions to remove Mr. Tung from his managerial positions in both
Companies.

On December 4, 2003, PEWC and APWC filed an action in U.S District Court for the
Southern District of New York, alleging among other things that the transaction
with Set Top was invalid and seeking the TRO. At a hearing on December 8th, the
court granted the request for a TRO, and prohibited the planned sale by Set Top
from proceeding pending a hearing on a motion for a preliminary injunction set
for December 16th.

Both PEWC and APWC intend to prosecute vigorously this action, and PEWC will
continue to seek to the regain clean title to the shares of APWC owned by it.


ABOUT ASIA PACIFIC WIRE & CABLE
Asia Pacific Wire & Cable Corporation is a leading manufacturer of wire and
cable products for the telecommunications and power industries in selected
markets in the Asia Pacific Region.

  ------------------------------------------------------------------------------
  Except for statements of historical fact, 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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