Hartalega 2Q earnings up on steady nitrile glove demand

KUALA LUMPUR: Hartalega Holdings Bhd has posted a net profit of RM63.3 million for its second quarter ended September 30, up from RM58.5 million in the same quarter a year ago.

Revenue rose 10.2 per cent to RM280.9 million, compared with RM255 million previously.

Hartalega managing director Kuan Mun Leong attributed the performance to improvements in production capacity and a steady rise in demand for nitrile gloves.

“The first half of this financial year has indeed been positive and we are confident that we will be able to maintain this performance.

“Continuous improvements of operational efficiency, production capacity coupled with the steady rise in demand for nitrile gloves certainly bode well for the group. We are well positioned to meet this demand growth,” he said in a statement yesterday.

The group declared a first interim dividend of 3.5 sen for its financial year ending March 31 2014, as per the entitlement date on November 29 this year and payable on December 19.

For its first half 2013, its earnings rose 12.7 per cent to RM126.3 million from RM112 million a year ago.

Hartalega’s six-month revenue rose 11.2 per cent to RM558.9 million, compared with RM502.6 million previously.

Earnings per share for its six-month earnings per share was 17.05 sen, while net assets per share stood at 117.91 sen as at September 30 2013.

Operating profit margin also increased from 28.8 per cent to 31 per cent for the current year-to-date compared to last year.