SRI Trang Gloves Thailand’s net profit slightly jumps by 2.9%

The increase contributed to the $186m total net profit by Q3.

Singapore-listed SRI Trang Gloves Thailand saw a 2.9% year-on-year (YoY) increase in its net profit for the third quarter (Q3) to approximately $186m (4.53b THB) from $181m (4.40b THB) in the same period last year.

Earnings per share were also up to around $0.00065 (0.0158 THB) from $0.00063 (0.0154 THB) in Q32020. 

The company attributed its YoY revenue growth to the YoY increase of its average selling price (ASP).

The quarter-on-quarter (Q0Q) revenue decline meanwhile was driven by the 32.5% QoQ drop in ASP to approximately $62.96 (1,531 THB) per 1,000 pieces because of the increased supply in the market.

Amongst its products, latex powdered gloves had the largest production of revenue at 38.4%, followed by nitrile gloves at 38.2%, and latex powder-free gloves at 23.4%.

As production in its Surat Thani and Trang plants resumed production following its temporary suspension in the second quarter of 2021, sales volume also grew 23.8% QoQ.

The company plans to increase its production capacity to 50 billion pieces in 2022 and 80 billion pieces in 2024.

(1 THB = $0.041)