Hartalega posts strong 4Q earnings, profit up 31%


Hartalega Holdings Bhd’s net profit for the fourth quarter ended March 31, 2018 (4Q18), jumped 30.7% year-on-year (YoY) to RM116.8 million as revenue rose by 17% YoY to RM616.84 million.

The glovemaker’s earnings per share was at 3.53 sen in 4Q18, compared to 2.72 sen in the previous year.

For the full financial year 2018 (FY18), Hartalega reported a net profit of RM440.1 million, or 13.29 sen per share, up 55.4% from RM283.3 million, or 8.62 sen per share, in the previous financial year.

Full-year revenue increased 33.33% to RM2.4 billion from RM1.82 billion in FY17.

On its prospects, Hartalega, in an exchange filing yesterday, noted that it is on track to meet growing global demand, driven by its Next Generation Integrated Glove Manufac- turing Complex (NGC) in Sepang, Selangor.

To this end, the group has successfully commissioned all 12 production lines in Plant 4 of the NGC.

Hartalega targets to commence commissioning Plant 5 in July 2018 and subsequently, the construction of Plant 6.

Group MD Kuan Mun Leong (picture) said the company is planning to construct an additional Plant 7, which will focus on small orders and specialty products.

Additionally, Hartalega is also set to launch its antimicrobial gloves in Europe on May 31, this year.

Hartalega is currently in the process of securing approval from the Federal Drug Administration to enter the US market with this latest product.

The company’s shares closed unchanged at RM6 yesterday, giving it a market capitalisation of RM20.14 billion. — TMR