HLT Global posts lower Q3 profit, as operating cost jumps 


KUALA LUMPUR: HLT Global Bhd, a maker of glove-dipping lines and rubber gloves, reported a surge in quarterly revenue, but its earnings in the three-month ended Sept 30 were lower due to a sharp increase in operating expenses.

Net profit in the third quarter ended Sept 30 declined to RM2.36mil compared with RM2.7mil made a year ago.

Revenue was almost doubled to RM70.3mil from RM38.4mil a year ago, the company said in a filing with Bursa Malaysia today.

HLT Global said gross profit to RM23mil from RM4.4mil a year ago, but the Group incurred RM11.6mil in operating cost.

This includes a RM2.9mil increase in commission paid for selling of rubber gloves, as well as RM6.7mil in fair value recognition of Employees Share Option Scheme, foreign exchange loss as well as increase in staff cost in current year quarter.

Despite the lower earnings, he company said the prospects of its rubber glove business and the glove-dipping line industry remained positive.

"The Group will continue to execute its business strategies and has put in place a series of future plans to strengthen its position in the glove-dipping line industry in Malaysia as well as the overseas market," it said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

HLT Global , gloves

   

Did you find this article insightful?

Yes
No

100% readers found this article insightful

Next In Business News

Morgan Stanley CEO's annual pay rises by over 20%
‘Unstoppable’ luxury stocks remind some investors of US tech
Ambani’s Reliance doubles down on 5G pledge after record profit
PUNB offers payment deferment, rental discount
CPO futures may undergo technical correction next week
Blackstone-backed Patria eyes expansion in Latam, Asia
METALS: Tin, aluminium, copper prices down
Oil price falls on China's COVID-19 cases, high crude build
IBM, Intel slump weighs on Wall St as coronavirus concerns rise
GLOBAL MARKETS-Weak data, earnings drag stocks lower

Stories You'll Enjoy