Brief: GP Industries Says As Of 2 June All Of Group's Factories Resumed Normal Operations Except In Thailand

GP Industries

02/06/2020 14:00

June 2 (Reuters) - GP Industries Ltd  GPEI.SI :
    * AS OF 2 JUNE ALL OF GROUP'S FACTORIES RESUMED NORMAL
OPERATIONS
EXCEPT FACTORY IN THAILAND
    * FOR FY2020, GROUP EXPECTS ITS ANNUAL REVENUE TO DECLINE BY
APPROXIMATELY 12%
    * CHAIRMAN AND CEO OF GROUP VOLUNTEERED A 30% REDUCTION IN
SALARY
FOR Q1FY2021
    * SENIOR EXECUTIVES AND MANAGEMENT TEAM OF GROUP TOOK A 15%
TO 20%
REDUCTION IN SALARY FOR Q1FY2021
    * NET PROFIT ATTRIBUTABLE FOR FY2020 IS ALSO EXPECTED TO BE
LOWER
    * LOCKDOWN AND SOCIAL DISTANCING MEASURES ADVERSELY AFFECTED
OPERATIONS OF GROUP'S MAJOR SUPPLIERS & CUSTOMERS
    * NON-EXECUTIVE DIRECTORS VOLUNTEERED A 20% REDUCTION IN
DIRECTOR
FEES FOR FY2020
    * LOCKDOWN & SOCIAL DISTANCING MEASURES LED TO REDUCED
PRODUCTION
OUTPUT & DELAYS IN PRODUCT DELIVERY DURING 4QFY2020 AND 1QFY2021

Source text for Eikon:  ID:nSN3g7ldJ 
Further company coverage:  GPEI.SI 

 ((Reuters.Briefs@thomsonreuters.com;))