Monday, April 19, 2010

Supermax 1Q net profit jumps 161% to RM51.47m

KUALA LUMPUR: SUPERMAX CORPORATION BHD []'s net profit for the first quarter ended March 31, 2010 jumped 161.2% to RM51.47 million from a year ago on the back of a 14.2% increase in revenue to RM220.65 million.

It said on Monday, April 19 that the higher revenue was due to strong global demand for rubber gloves. Earnings per share were 18.97 sen versus 7.43 sen.

"The strong demand coupled with limited capacity expansion by the major glove players over the last two years have resulted in a supply demand imbalance, which has driven glove prices up.

"The improvement in profitability is attributed to the strong revenue growth as well as cost savings from higher efficiency and productivity from improved processes and refurbished lines," it said.

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