Hartalega 4Q earnings hit by prosperity tax

Hartalega chief executive officer Kuan Mun Leong said the group’s bottom line for the fourth quarter FY22 was a result of the normalisation of ASPs of gloves and normalised demand.

PETALING JAYA: Hartalega Holdings Bhd posted a net loss of RM197.90mil in the fourth quarter ended March 31 from net profit of RM1.12bil a year ago, mainly due to the provision of Cukai Makmur or prosperity tax.

In a filing with Bursa Malaysia yesterday, the glove maker said its revenue for the quarter declined by 58% to RM968.69mil compared with RM2.31bil previously, dragged by lower average selling price (ASP) of gloves.