Rubberex projected further softening of glove ASPs, especially in the nitrile disposable glove division, to persist in 2022. The glove maker’s quarterly revenue tumbled 70% to RM52.58 million from RM175.24 million, Rubberex’s filing with Bursa Malaysia on Tuesday (May 31) showed. Compared to the immediate preceding quarter, Rubbrex’s net profit shrank 72.1% from RM9.15 million in 4QFY21 while revenue declined 18.15% from RM64.24 million. The lower earnings were due to the persistent easing of ASPs for nitrile disposable gloves as well as slower order uptakes. “Meanwhile, demand for the group’s general-purpose and industrial gloves is expected to remain stable in the current year.

Source: The Edge Markets May 31, 2022 22:41 UTC