attributable to increases in copper prices in 2021 and lower sales volumes in 2020 because of the COVID-19 pandemic. Revenue in the Company’s North Asia region increased by 46.2% to $107.0 million, primarily due to increases in copper prices in 2021 and lower sales volumes in 2020 because of the COVID-19 pandemic. Revenue in the Company’s ROW region increased by 77.7% to $171.8 million, primarily due to the deferral of orders from 2020 to 2021 and increased local sales in 2021 resulting from stricter border controls related to COVID-19. The Company’s North Asia region includes China and Hong Kong; the Thailand region consists of operations and sales within Thailand; and the ROW region includes Singapore, Australia and the other markets where APWC has operations or sales outside of the Thailand and North Asia regions.
Operating loss for the twelve months ended December 31, 2021 was $5.0 million, a decrease from an operating profit of $7.6 million for the twelve months ended December 31, 2020. Operating profit margin decreased from a profit of 2.4% in 2020 to a loss of 1.0% in 2021. In the Thailand region, operating profit margin decreased from 7.8% to a loss of 6.8%, primarily due to higher copper prices causing increased losses on onerous contracts and diminution in the value of inventory. In the North Asia region, operating profit margin was flat at 4.2% in each of 2021 and 2020. The operating profit in the North Asia region was not significantly affected by the copper price fluctuation. The ROW region’s operating profit margin increased from a loss of 4.6% in 2020 to a profit of 3.9% in 2021, primarily attributable to decreased competition from stricter border controls due to COVID-19.
Selling, general and administrative expenses for the twelve months ended December 31, 2021 were $26.5 million, compared to $27.0 million reported for the twelve months ended December 31, 2020. Net loss attributable to APWC shareholders was $(2.6) million for the full year 2021, compared to a net loss of $(0.6) million for the full year 2020. The increase in net loss was primarily due to a decrease in operating profit. The weighted average number of common shares issued and outstanding was 13,819,669 for each of the twelve months ended December 31, 2021 and December 31, 2020.
Financial Condition
APWC reported $44.5 million in cash and cash equivalents as of December 31, 2021, compared to cash and cash equivalents of $52.2 million as of December 31, 2020.
Current assets totaled $312.0 million as of December 31, 2021, compared to $263.7 million as of December 31, 2020. Working capital was $149.8 million as of December 31, 2021, compared to $180.3 million as of December 31, 2020. Short term bank loans were $62.1 million at December 31, 2021, an increase of 512.8% from $10.1 million at the end of 2020. The Company had $3.3 million in long-term debt outstanding at December 31, 2021, compared to $3.7 million in long-term debt as of December 31, 2020. Shareholders’ equity attributable to APWC was $147.5 million as of December 31, 2021, compared to $157.9 million as of December 31, 2020.
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