Hartalega net profit down on lower prices

KUALA LUMPUR: Hartalega Holdings Bhd’s net profit was lower at RM49.1mil in the fourth quarter ended March 31 against RM62.2mil previously due to a reduction in average selling prices (ASP), among others.

The glove manufacturer said its operating profit margins reduced from 29.5% to 23.9% due to a reduction in the average selling price, higher staff cost due to recruitment for the Next Generation Integrated Glove Manufacturing Complex (NGC) project, and an increase in electricity and maintenance costs.