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GLG CORP LTD — Capital/Financing Update 2023
Jul 30, 2023
64991_rns_2023-07-30_0fa8c900-c65e-46cf-9fc9-fe7d27c8b832.pdf
Capital/Financing Update
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GLG Corp Ltd ACN 116 632 958 Suite 4201 Level 42 Australia Square 264 George Street Sydney NSW 2000 Australia www.ghimli.com
31 July 2023
PROFIT GUIDANCE ON THE UNAUDITED FINANCIAL RESULTS FOR THE FINANCIAL YEAR ENDED 2023
The Board of Directors (the “ Board ”) of GLG Corp Ltd (the “ Company ”), together with its subsidiaries, (the “Group”) wishes to provide profit guidance on its full year results ended 30 June 2023 (“ FY2023 ”) further to the Company’s previous market guidance provided in February 2023 in its Appendix 4D.
A preliminary assessment by management of the Group's unaudited accounts indicates a net loss between US$1.3m and US$1.6m after tax for FY2023. This anticipated loss is primarily driven by the persisting adversities stemming from the global COVID pandemic, which have led to significant delivery delays. Additionally, our customers heightened inventory levels throughout the year have compounded these financial challenges. These factors have collectively led to diminished revenue and exerted pressure on the profit margin for FY2023.
The Group is expected to release its full year FY2023 results in late August 2023.
ENDS
This announcement was authorised for release by the Board of Directors of GLG Corp Ltd.
Jade Cook Hasaka Martin Company Secretary Company Secretary GLG Corp Ltd GLG Corp Ltd [email protected] [email protected] Phone: +61 402 301 287 Phone: +61 424 685 041
About GLG Corp Ltd
GLG Corp. Ltd is a global textile and apparel supply chain manager of casual lifestyle knitwear apparel, to major U.S. and European retailers. We supply approximately 56 million garments a year through our global marketing and manufacturing network. We offer a total solution package with an integrated onestop service approach, from in-house product design and development, commercialization of orders, material management, production planning and control, to comprehensive post-manufacturing logistics solutions.