GP Industries Warns of Fiscal 2024 Loss on Non-Cash Impairment

MT Newswires05-27

GP Industries (SGX:G20) expects to swing to an attributable loss in fiscal 2024 from an attributable profit a year earlier, due to non-cash impairment charges related to XIC Innovation, according to a Monday filing with the Singapore Exchange.

The battery manufacturer's attributable loss is expected to range from SG$58 million to SG$68 million, compared with an attributable profit of SG$22 million for fiscal 2023, the filing said. Excluding the share of attributable loss of XIC Innovation, the attributable profit should be in the range of SG$16 million to SG$18 million.

XIC Innovation, in which the company has a 39.13% effective equity interest, has engaged a financial advisor to help in the restructuring process and exploring new funding for its operations, the filing said.

The company's shares gained close to 1% in recent Monday trading.

Price (SGD): S$0.53, Change: S$+0.01, Percent Change: +0.96%

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