Hartalega posts 424% rise in profit as revenues soar

Kuala Lumpur – Malaysian rubber gloves maker Hartalega Holdings has posted record profits for the second quarter of its financial year, ending 31 March 2021, as the Covid-19 pandemic drives demand.

Net profit was up 424.5% at RM545 million (€111 million), on 90% higher revenue at RM1.3 billion, Hartalega reported 27 Oct.

Profit before tax rose 397% to RM 683.0 million, up from RM137.3 million reported in the same quarter last year. 

For the six months ended 30 Sept, group sales rose 68% to RM2.27 billion, while net profit was up 286% at RM764.6 million. Profit before tax also increased significantly, by 270%, to RM955.8 million.

Hartalega linked the higher revenue mainly to higher sales volume and higher average selling price during the two quarters. 

The “significantly improved profit before tax” was due to the higher sales revenue, lower material costs as well as better production efficiency, the group added.