ES Ceramic posts strong Q1 growth

KUALA LUMPUR: Glove former maker ES Ceramic Technology Bhd said higher average selling prices significantly boosted its revenue and earnings in the three-month ended Aug 31.

Net profit jumped to RM9.4mil in the first quarter from RM3.2mil a year ago. Turnover was up at RM25.5mil compared with RM11.9mil previously.

However, the group said its quarter-on-quarter results were affected by the strict Covid-19 curbs during the three-month period under review.

Both sales and profit declined by about 40% from the immediate preceding quarter.

"This was in tandem with the decrease in revenue and production output due to COVID-19 infection cases and factories shutdown," ES Ceramic said in a filing today.

Despite the challenging outlook, the company said the prospects for growth in the rubber glove industry are positive as the industry is expected to continue to be driven by the growth in the global and domestic healthcare industry as one of the essential item in the medical supplies.

"The company will continue to execute its business strategies to capitalize and strengthen its position in the industry whilst adopting prudent cash flow management to meet its financial commitments and obligations," it said.

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