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Hartalega’s Q1 earnings more than double to RM219.7m

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PETALING JAYA: Hartalega Holdings Bhd’s net profit for its first quarter ended June 30 more than doubled to RM219.72 million from RM94.06 million a ye...

Hartalega Holdings Bhd’s net profit for its first quarter ended June 30 more than doubled to RM219.72 million from RM94.06 million a year ago, due mainly to higher sales revenue, lower raw material and energy costs and the group’s initiatives to reduce operation costs.

The group’s earnings per share for the quarter under review stood at 6.49 sen while net assets per share was 80 sen as at June 30. CEO Kuan Mun Leong said market demand was exceptionally strong during the quarter due to the Covid-19 pandemic, and that because of the global shortage of gloves, average selling prices are expected to see upward revisions in the coming quarters, in line with prevailing market prices.

With that, he said, Hartalega will continue to ramp up its capacity expansion plans via its Next Generation Integrated Glove Manufacturing Complex .

 

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