$69 postpage LB

Gale Pacific Increases its Loss Expectations for 1H

  • January 24, 2020 01:35 PM AEDT
  • Team Kalkine

Gale Pacific Limited (ASX: GAP) expects profit before tax for the half year ending 31 December 2019 to be a loss of about $3.6 million, compared to earlier guidance of a loss of between $1.5 million and $1.8 million, and a profit before tax of $1.3 million for the previous corresponding period.

  • The main reasons for the decline from the previous guidance are lower than anticipated sales in the Middle East North Africa (MENA) region;
  • The company has been facing difficult trading condition and tighter credit policy in that region.

At AEST 01:11PM, the stock was trading at $0.235 per share, down by 11.321% from its previous close.

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