Sri Trang Gloves’ net profit falls 90% in H1 22 amidst low average selling price

Its net profit reached $62m (THB1.6b) in the first half of 2022.

SGX-listed Sri Trang Gloves posted a net profit of $62m (THB1.6b) for the first half (H1) of the fiscal year 2022, which fell 90% from $659m (THB17b) in the same period a year ago.

On a quarterly basis, Sri Trang Gloves’ net profit went down by 41% to $40m (THB1.05b) in the second quarter of 2022.

The glove maker’s financial statement also showed that its sales revenue plummeted by 49.6% to $252m (THB 6.5b) year-on-year (YoY) in H1 2022. 

Average selling price (ASP) decline also led to the decrease in the company’s revenue. ASP declined 62.7% YoY to $32.6 (THB841) for every 1,000 pieces.

They managed to offset these challenges due to its sales volume for nitrile gloves.

“By product, latex powder-free gloves (NRPF) contributed the largest proportion of revenue at 38.7%, followed by latex powdered gloves (NRPD) at 37.2% of total sales revenue, whilst nitrile gloves (NBR) contributed 24.1% of total sales revenue as we remained focused on NR gloves because of our competitive advantage in production from the access to raw material and lower transportation costs,” read the statement.

$1 = THB25.77