Hartalega 1Q results hit hard by headwinds

“The glove sector is faced with higher operating costs due to rising inflationary pressure resulting from the higher electricity and natural gas tariffs, coupled with the new minimum wage policy in Malaysia which came into effect on May 1, 2022," Hartalega said.

PETALING JAYA: Hartalega Holdings Bhd will continue to emphasise cost management, efficiency improvement and automation initiatives across its operations amid the challenging business landscape to ensure business sustainability and adaptability.

In a filing with Bursa Malaysia, the group said several headwinds were expected to remain due to the Russia-Ukraine conflict and lockdowns in China. These events had caused further strain on global supply chains that led to higher commodity and raw material prices.