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Hartalega Q1 Earnings Rise 17.8% to RM63mil
Posted Date : 07th August, 2013
PETALING JAYA: Hartalega Holdings Bhd's first-quarter net profit rose 17.8% to RM62.9mil from RM53.4mil a year earlier.
Its pre-tax profit also rose 17.2% to RM81.9mil while revenue was up 12.2% to RM278mil from RM247.6mil previously.
Net assets per share stood at 109.77 sen while net earnings per share rose to 8.56 sen from 7.3 sen a year earlier.
"We are pleased to have begun the financial year on a strong note, and given our prospects ahead driven by the ongoing switching momentum from latex to nitrile gloves, we are confident of maintaining our pole position," managing director Kuan Mun Leong said in a statement yesterday.
"Global demand for nitrile gloves is growing at a steady rate of over 20% per annum and we expect it to be further buoyed by rising demand in key markets as well as emerging markets in the coming years," Kuan added.
Its improved pre-tax margin was mainly due to the easing of raw material prices for nitrile and natural latex during the quarter.
On its expansion progress, Kuan said its plant six was now fully operational with 10 high-capacity production lines, which would boost production capacity by 30% with an addition of 3.9 billion pieces of gloves a year.