Hartalega Q1FY13 profit climbs 18 percent

ERJ staff report (BC)

Petaling Jaya, Malaysia – Nitrile glove manufacturer Hartalega Holdings Bhd saw its first-quarter net profit rise 17.9 percent to RM63m from RM53.4m a year ago, driven by its ongoing switching momentum from latex to higher priced nitrile gloves, reports the Sun Daily.

Revenue for the three months ended 30 June 2013 (Q1FY13) was RM278m (€64.3m), a 12.2 percent increase from RM247.6m (€57.3m) a year ago.

Managing director Kuan Mun Leong is quoted as saying: "Global demand for nitrile gloves is growing at a steady rate of over 20 percent per annum, and we expect that this will be further buoyed by rising demand in key markets as well as emerging markets …"

Hartalega is building new manufacturing capacity which, once completed, will quadruple the group's production capacity to 43 billion pieces of gloves per year by 2022 from 13 billion pieces per year currently.

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Full story from the Sun Daily

Announcement by Hartalega