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Hartalega reports higher Q3 profits, expects demand growth to continue

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Hartalega reports higher Q3 profits, expects demand growth to continue Others

KUALA LUMPUR: Glove producer Hartalega Holdings Bhd expects demand growth to continue after higher sales volume in the in the third quarter ended Dec 31, boosted its profits.
The company, in a statement today, said net profit increased 1.3% to RM121.3mil in the Oct-Dec quarter compared with RM119.8mil made in the same three-month period a year ago.
Revenue rose 10% to RM796.6mil.
The group has declared an interim dividend payout of 1.8 sen a share.
'We are pleased to deliver positive results for our third quarter, supported by higher sales volume on the back of strong global demand for nitrile gloves,' managing director Kuan Mun Leong said in the statement.
“As we progress further in our strategic expansion plans, we are confident that the outlook remains positive for the group moving forward,” he said.
The group has a current installed production capacity of 36.6 billion pieces annually.
Glove makers around the region are ramping up their production to cope with a surge in demand as health authorities worldwide struggled to contain the spread of the novel coronavirus.
The disease, which was first detected in Wuhan, China about two months ago, has so far killed more than 1,000 people and infected over 42,000 worldwide.
The World Health Organisation, last week, said that demand for masks, gowns, gloves and other protective gear has risen 100-fold and prices have soared due to the coronavirus epidemic.
'As a responsible industry participant and the world’s largest producer of nitrile gloves, we are well-positioned to provide support via our high-quality products to protect medical practitioners who are on the frontlines of this epidemic,' Kuan said.
'We are committed to playing our role effectively by ensuring timely delivery of glove shipments to China to aid efforts in controlling the outbreak,' he said.
Hartalega has pledged to donate 2.58 million pieces of gloves to this cause, with a million pieces already en route to China and the remaining to be shipped out later this month.
“As we continue to expand our production capacity, we commissioned the first production line of Plant 6 of the NGC in January 2020. With the remaining production lines set to come on-stream progressively, this will enable the group to continue catering to growing demand,' Kuan said.
Kuan said Plant 7 which will focus on small orders and specialty products is also underway.
'Once Plants 6 and 7 are fully completed by FY2022, this will see our annual installed capacity increase to 44.7 billion pieces,” he said.

sourceThe star online

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