Sri Trang Gloves (Thailand) posted net profit of THB 4,532.8 million ($185.28 million) for 3QFY2021 ended Sept 30, up 2.9% y-o-y but down 37.7% q-o-q.
Revenue for the quarter came in at THB 10,864.0 million ($444.08 million), growing 32.6% y-o-y but decreasing 16.2% q-o-q.
Net profit margin of 41.7% is down from 56.1% in the previous quarter.
The Board has approved a quarterly dividend of THB 1.25 per share ($0.051) in 3QFY2021.
The y-o-y growth in revenue resulted from the average selling price (ASP) that increased y-o-y, while the q-o-q decrease in revenue resulted from the ASP that went down 32.5% q-o-q to THB 1,531 per 1,000 pieces because of increased supply in the market.
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Sales volume was 7,076 million pieces, down 0.9% y-o-y but up 23.8% q-o-q as production fully resumed at the group's Surat Thani and Trang plants following a temporary suspension in 2QFY2021 due to Covid-19.
"But the persisting global container shortage and shipping congestion meant that our export sales volume was still lower than target," says the group.
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By product, latex powdered gloves (NRPD) contributed the largest proportion of revenue at 38.4%, followed by nitrile gloves (NBR) at 38.2% of total sales revenue, while revenue from latex powder-free gloves (NRPF) accounted for 23.4% of total sales revenue.
Total assets increased by THB 8,809.7 million from the end of FY2020 to THB 53,045.6 million as at Sept 30, and mainly consisted of THB 25,414.2 million in cash, which increased by THB 1,140.2 million.
Sri Trang Gloves says it remains committed to an expansion plan to achieve 80 billion pieces in annual installed production capacity by 2024. "By the end of 2022, our annual installed production capacity is expected to reach 50 billion pieces, representing a 54.5% growth from FY2020, with the potential product mix of 50% NR gloves and 50% NBR gloves."
Sri Trang Gloves (Thailand) announced its secondary listing on the Mainboard of the Singapore Exchange on May 10. The company is also listed on the Stock Exchange of Thailand.
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The Thailand-based company is a subsidiary of Sri Trang Agro-Industry, which is also dual-listed in Thailand and Singapore. Sri Trang Gloves manufactures natural rubber gloves, powder-free natural rubber gloves and nitrile gloves.
Shares in Sri Trang Gloves closed 2 cents lower, or 1.67% down, at $1.18 on Nov 8.
Photo: Sri Trang Gloves (Thailand)
