GRP (BLU) Q3 2024 earnings summary

Executive summary

• 9MFY2024 revenue rose 23.0% YoY to $18.00m, while gross profit fell 5.0% to $4.30m and pretax loss widened to $1.18m from $1.05m.

• Business conditions remain weak and challenging; operations in Hose & Marine and Measuring Instruments will be streamlined, while cash is being preserved for market uncertainty and the Perak housing project.

Financial highlights

• 3QFY2024 revenue increased 21.0% YoY to $5.51m; gross profit declined 12.0% to $1.21m.

• 3QFY2024 pretax loss was $0.68m versus $0.30m; net loss was $0.73m versus $0.41m.

• 9MFY2024 net loss was $1.46m versus $1.37m; loss attributable to owners was $1.19m versus $1.03m.

• 9MFY2024 administrative expenses decreased 7.0% to $4.36m; other operating income fell 48.7% to $0.34m.

Outlook and guidance

• No quantified forecast; next-12-month business outlook remains challenging, with weak business conditions expected.

• Further streamlining of Hose & Marine and Measuring Instruments operations is planned to enhance shareholder value.