News

Hartalega Earnings Up 17.9% to RM63m

Posted Date : 06^th August, 2013

KUALA LUMPUR : Hartalega Holdings Bhd posted a 17.9% increase in its profit after tax to RM63mil in the first quarter ended 30^th June, 2013 from RM53.4mil a year ago with the glove maker upbeat on demand for nitrile gloves.

Its revenue rose 12.2% to RM278mil from 247.6mil a year ago while its earnings per share increased to 8.56 sen from 7.30 sen a year ago.

"During the quarter, the company paid a dividend of 3.5 sen per share amounting to RM25.68 in respect of the financial year ended 31^st March, 2013, paid on 20^th June, 2013," it said.

Managing director Kuan Mun Leong said given its prospects ahead driven by the ongoing switching momentum from latex to nitrile gloves, the group is confident of maintaining its pole position.

"Global demand for nitrile gloves is growing at a steady rate of over 20% per annum and we expect that this will be further buoyed by rising demand in key markets as well as emerging markets in the coming years ahead," he said.

He said the group's Plant 6 is now fully operational with 10 high capacity production lines boosting its production capacity by 30% with an additional 3.9 billion pieces of gloves per annum.

"The improved operational efficiency of the new plant's production lines contributed to the increase in our profit margins," he said.

He added the group is embarking in its Next Generation Integrated Glove Manufacturing Complex which would quadruple its production capacity.

Source: http://www.thestar.com.my/Business/Business-News/2013/08/06/hartalega-profit.aspx