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GLG Corp Limited (ASX:GLE)

ALERT: Price-sensitive ASX Announcement for GLE
Current share price for GLE : $0.140 -0.03 (-17.65%)+
Announcement
Release
28 Feb 2025 9:23AM
Price at Release
$0.170
Full Release
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Summary
GLG Corp Limited reported significant financial improvement for the half year ended 31 December 2024, with a net profit of USD 443,000 compared to a net loss of USD 2.1 million in the previous corresponding period. Although revenue slightly decreased to USD 66.6 million from USD 67.0 million, the gross profit margin improved from 13.7% to 17.7%. This positive turnaround was attributed to better production management and efficient cost control measures. The company noted an increase in other income, alongside a rise in selling and distribution costs due to global freight rate surges. Overall, GLG's management remains optimistic about ongoing improvements in trading conditions and operational efficiency.
Key Points
  • Net profit after tax increased to USD 443,000 from a loss of USD 2.1 million
  • Revenue slightly decreased to USD 66.6 million from USD 67.0 million
  • Gross profit margin improved from 13.7% to 17.7%
  • Selling and distribution costs rose by 34% due to increased freight costs
  • Other income increased due to one-off insurance compensation and government grants
  • Current cash flow from operations amounted to USD 8.0 million, up from USD 2.9 million
  • Inventory decreased by 41.4% due to consolidation of operations
  • No interim dividend was recommended for the current financial period
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.