GLG Corp's FY2024 Profit Guidance Update

GLG Corp Ltd (ASX: $GLG) has issued an updated profit guidance for the financial year ended 30 June 2024, indicating a potential net loss between US$3.8m and US$4.0m after tax, subject to final audit review and/or adjustment if any. The updated guidance replaces the previous assessment released on 30 May 2024.

Executive Commentary on FY2024 Profit Guidance

The Company has revised its preliminary assessment of the unaudited accounts, leading to the updated profit guidance for FY2024. The potential net loss reflects the challenges faced during the financial year and the need for a thorough audit review. We remain committed to transparent reporting and will continue to work diligently to address the factors contributing to this update.

Summary of GLG Corp's FY2024 Profit Guidance

GLG Corp Ltd has updated its profit guidance for FY2024, indicating a potential net loss between US$3.8m and US$4.0m after tax, subject to final audit review. The Company's global textile and apparel supply chain management business faced challenges during the year, leading to this revision. GLG Corp Ltd emphasizes its commitment to transparent reporting and will focus on addressing the factors contributing to the updated guidance. The outlook for the Company will depend on the final audit review and its efforts to mitigate the challenges faced during FY2024.