Hartalega’s Net Profit Soars as Pandemic Drives Up Sales, Glove Prices
By Chester Tay
Hartalega Holdings Bhd.’s third-quarter net profit rose eight times, as its sales volume and glove prices surged amid heightened demand due to the Covid-19 pandemic.
Net profit was 1.00 billion ringgit ($247.3 million), while revenue more than doubled to MYR2.13 billion, the glove maker said Monday.
For the nine months ended December, net profit rose more than five times to MYR1.77 billion and revenue doubled to MYR4.40 billion.
Overall growth in demand is expected to outstrip supply for the next few years, the company said.
Hartalega said it remains optimistic about its longer-term prospects, underpinned by growing demand for rubber gloves and its continuing expansion plans.
Write to Chester Tay at [email protected]
(END) Dow Jones Newswires
January 25, 2021 05:22 ET (10:22 GMT)
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Dow Jones – Hartalega’s Net Profit Soars as Pandemic Drives Up Sales, Glove Prices