Future growth intact for Riverstone despite poor 3Q results

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SINGAPORE (Nov 5): Riverstone on Nov 1 announced a 6.5% drop in 3Q18 earnings to RM32.1 million (S$10.6 million) from RM34.3 million in 3Q17, due to higher cost of sales.

Demand for the group’s cleanroom and healthcare gloves continue to grow in tandem with its capacity expansion plans, as an uptick in glove orders contributed to an increase in revenue for the quarter of 27.5% to RM239.5 million from RM187.8 million.

Cost of sales increased by 41.2% y-o-y to RM193.4 million, bringing 3Q18 gross profit to RM46.1 million, 9.2% lower than... (Click here to read the full story)