Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 4): Despite posting a record net profit for the first quarter ended June 30, 2020 (1QFY20) of RM219.72 million, shares in Hartalega Holdings Bhd have declined by as much as 14.44% today.

As of 2.54pm, shares in Hartalega were down by 7.32% or RM1.50 to RM19 per share, valuing the index-linked glove maker at RM65.13 billion.

As at the time of writing, it was the biggest loser on Bursa Malaysia.

Volume-wise, the glove maker saw 25.4 million shares transacted, three times its 200-day average trading volume of 8.14 million shares.

The counter opened at RM20.50 per share, rising to an intraday high of RM20.68 before swinging to an intraday low of RM17.54.

At the noon market close today, Hartalega announced that its 1QFY20 net profit grew by 134% to RM219.72 million from RM94.06 million in the corresponding quarter last year.

The exponential growth in its latest quarterly net profit came on the heels of a 43.87% jump in its quarterly revenue to RM920.09 million from RM640.1 million last year.

The group attributed the better quarterly results to greater demand for rubber gloves, combined with higher average selling prices.

Demand for rubber gloves has risen throughout the course of the Covid-19 pandemic, with waves of new infections emerging globally, while consumers become more conscious of personal hygiene as they try to keep the coronavirus at bay.

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