GLG and its subsidiaries expect to report a net loss between US$1.6 million ($2.4 million) and US$1.9 million ($2.9 million) after tax for the first half of FY24, which ended Dec. 31, 2023.
The expected net loss is mainly due to decreased sales caused by high customer inventory levels affected by logistics delays.
Reduced margins, high interest rates, price competition, and write-off of stock and consumables assets also contribute to the net loss, putting pressure on the profit margin for the period.