GP Industries warns of $58m-$68m loss in FY24

The company attributed its expected net loss to its share of XIC Innovation's FY24 loss.

GP Industries expects a loss attributable to shareholders, ranging between S$58.0m and S$68.0m in FY24.

In a bourse filing, the company attributed its expected net loss to its share of the attributable loss from XIC Innovation Limited for FY24, estimated to be between $76.0m and $84.0m.

"The impairment loss of XIC Innovation for FY24 is derived based on the valuation report prepared by an independent external valuer and such loss is expected to be within the range of approximately $181.0m to $197.0m," the company elaborated.

With a 39.13% equity stake in XIC Innovation, GP Industries anticipates an impairment loss ranging from $71.0m  to $77.0m.

Without the share of attributable loss from XIC Innovation for FY24, GP Industries would have reported a profit attributable to its shareholders between $16.0m and $18.0m for FY24. 

The company is finalising its unaudited financial results for the period and will release it on or before 30 May.

In the meantime, the company advised its shareholders and potential investors to exercise caution when dealing with its shares.