RUBBEREX NET PROFIT, REVENUE BOUNCE IN Q2 ON STRONG DEMAND FOR GLOVES
KUALA LUMPUR, Aug 27 -- Rubberex Corporation (M) Bhd posted a higher net profit of RM64.66 million in the second quarter (Q2) ended June 30, 2021, compared to RM22.96 million a year ago.
Its revenue jumped 100.5 per cent year-on-year to RM176.61 million, driven by demand for the group’s household, industrial, and nitrile disposable gloves which has remained strong in the midst of this pandemic despite the gradual easing of glove selling prices.
The company told Bursa Malaysia that its operations were impacted by labour restrictions and lower production efficiencies due to the various stages of movement control orders implemented by the government.
Nevertheless, it remains focused on its nitrile disposable glove division as glove demand remains strong amidst heightened safety and hygiene awareness among the population.
“While the spread of COVID-19 remains pervasive notwithstanding improved vaccination rates globally, glove average selling prices (ASP) have been showing signs of easing since early this quarter,” it said.
The softening ASP is expected to impact the group’s performance in the second half of the financial year.
In addition, the management foresees persistent operational disruptions that would affect the group’s overall operating efficiencies as a result of the pandemic, for the remainder of the year.
“Despite all these, the financial results of the group are expected to be significantly better compared to the previous financial year of 2020".
-- BERNAMA
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