Sri Trang Gloves (Thailand) has posted a net loss of THB86.5 million ($3.35 million) for its 3QFY2024 ended September compared to a net profit of THB378.4 million baht in the previous corresponding period, primarily resulting from the rapid appreciation of the Thai baht.
Net profit for 9MFY2024, however, stood at THB438.6 million — more than doubling the net profit for the same period last year.
Sales revenue in 3QFY2024 totalled THB6.44 billion, up 35.9% y-o-y. Sales volume reached 9,593 million pieces, growing by 13.8% q-o-q and 26.3% y-o-y across all products and regions.
The average selling price (ASP) in 3QFY2024 was THB654 per 1,000 pieces. Despite this, the rapid appreciation of Thai baht, which went up by 5.2% q-o-q against US dollars, meant that the ASP in Thai baht declined by 3.2% q-o-q.
Gross profit in the quarter totaled THB330.4 million, down by 44.5% y-o-y, with a gross profit margin of 5.1%.
Moving forward, the company is committed to reducing production costs through the use of automation and advanced technologies to eliminate redundancies and achieve economies of scale.
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Sri Trang Gloves is also exploring the application of AI to enhance machinery efficiency to produce high-quality, competitively-priced products sustainably. These efforts will enable the company to achieve profits and deliver solid returns to shareholders.
Shares in Sri Trang Gloves STG closed flat on Nov 8 at 50 cents.
