GP Industries Limited provides consolidated guidance for Year Ended 31 March 2023. For the period, the company expects approximately SGD 20.0 million to SGD 24.0 million as compared to the Group's profit attributable to shareholders of SGD 35.3 million for the financial year ended 31 March 2022. (1) increase in finance cost by approximately 51.4% for FY2023 as compared with those for FY2022, which is primarily due to the increase in bank borrowing rate and (2) net decrease in share of attributable profit of XIC Innovation Limited, a 39.13% directly held associate of the Company, of SGD 31.6 million compared with those for FY2022, following completion of the two corporate exercises mentioned below: (a) As disclosed in the Company's announcement dated 17 March 2022, XIC Innovation sold its entire 63.58% indirect equity interest in Time Interconnect Technology Limited at a cash consideration of approximately HKD 940.1 million (approximately SGD 163.5 million) 1 and as a result a significant gain was recognised for FY2022.

The share of results of Time Interconnect by XIC Innovation was terminated after the completion of the aforementioned disposal; and (b) On 31 March 2022, XIC Innovation entered into a sale and purchase agreement with United Luminous International (Holdings) Limited, to acquire the entire issued share capital of Light Engine Technologies Limited for a cash consideration of HKD 1,100.0 million (approximately SGD 191.26 million) of which XIC Innovation and Light Engine were under the common control of their controlling shareholder preceding to this acquisition. The acquisition was completed on 30 December 2022. Following completion of the aforementioned acquisition, the consolidated financial statements of XIC Innovation Group for FY2022 have been restated to include assets and liabilities and the operating results of the Light Engine and its subsidiaries (the "Light Engine Group"), as if Light Engine Group had been in existence as at 1 April 2021 in accordance with the statement of Recommended Accounting Practice 12 Merger Accounting for Common Control Combinations for financial statements.

The restated Group's profit attributable to shareholders for FY2022 increased to SGD 40.0 million from SGD 35.3 million previously reported.