Kossan Rubber Industries Bhd recorded a net profit of RM542.49 million for the fourth quarter ended Dec 31, from RM61 million a year before attributable to the improvement in all three divisions – gloves, technical rubber products and cleanroom.For the full year, the group saw a net profit and revenue of RM1.09 billion and RM3.65 billion respectively, from RM224.34 million and RM2.22 billion in FY19.
The gloves division profit before tax rose 467.48% to RM1.4 billion from RM246.32 million recorded the previous financial year mainly due to the strong demand growth for the group’s glove products, with higher volume sold and better average selling price as compared with FY2019. The TRP division’s PBT was RM22.42 million, easing 18.10% from RM27.37 million recorded in FY2019 mainly attributable to lower sales deliveries and sales of lower margin products.Looking ahead, the group said although recent vaccine approvals have raised hopes of a turnaround in the pandemic later this year, renewed waves and new variants of the virus pose concerns for the global outlook.
For the TRP division, the anticipated gradual uptick in economic activity and infrastructure spending domestically and regionally will continue to bode well for the infrastructure and automotive segment, and the group expects this division to remain profitable in FY2021. “With the strong long-term relationships with our customers and robust demand for the group’s products in the gloves and cleanroom division coupled with a stable TRP division, management is confident that FY2021 will be an extraordinary year.”
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