Kossan 2Q net profit tumbles 96% to RM46mil

KUALA LUMPUR: Kossan Rubber Industries Bhd, which saw its net profit tumble to RM46mil in the second quarter ended June 30 (2Q22), from RM1.06bil a year earlier, expects the performance in the second half of FY22 to be challenging.

The rubber glove manufacturer said in the near term, the glove industry will be confronted by an oversupply situation as a result of overstocking and subsequent inventory adjustments from customers, forcing the average selling price (ASP) to come down.