Friday 29 Mar 2024
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KUALA LUMPUR (Aug 22): Glovemaker Kossan Rubber Industries Bhd's net profit for the second quarter ended June 30, 2019 climbed 28.6% to RM55.88 million or 4.37 sen per share, from RM43.44 million or 3.4 sen per share a year ago.

Quarterly revenue rose 10.8% to RM550.53 million, from RM496.79 million in the year-ago quarter, achieved on the back of stronger demand for its glove products, the group said in a stock exchange filing today.

Kossan said it sold 8.71% more in volume from the increased production output during the quarter, and managed to increase manufacturing efficiency and effective cost controls.

This offset the weaker results registered at its technical input rubber products division, which was attributable mainly to lower sales deliveries and higher raw material prices.

Kossan's net profit now stands at RM114.61 million in the first half of the year, higher by nearly one-third against RM87.96 million in the same period a year ago, while revenue rose 13.4% to RM1.11 billion from RM980.97 million.

The latex glove manufacturer said its management is confident the current year will be a growth year for the group.

This is as the group focuses on cost savings, advanced manufacturing technology and continuous improvements in operating efficiency, it added.

Shares in Kossan were unchanged at RM4.18 at market close today, for a market capitalisation of RM5.35 billion.

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