by ANIS HAZIM / Pic by TMR GRAPHIC

Rubberex Corp (M) Bhd registered a net profit of RM25.22 million for its third quarter ended Sept 30, 2021, 36.2% lower year-on-year (YoY) on lower average selling price (ASP) of its gloves as well as lower production efficiencies due to slower order uptakes by customers and labour restrictions due to the Covid-19 pandemic. Earnings per share fell to 2.98 sen from 4.71 sen in 3Q20 .

Revenue for the period dipped by 12.9% YoY to RM94.9 million, its exchange filing on Friday stated. The company noted it is taking action to rectify its financial ratios after being dropped from the Securities Commission Malaysia’s updated list of Shariah-compliant securities on Friday due to its non-compliance with cash and debt ratios at below 33%.

Rubberex did not declare any dividends for the quarter.

For the nine-month of 2021 (9M21), the glove manufacturer posted a 16% jump in net profit to RM176.45 million or 21.2 sen EPS.

Revenue for 9M21 also rose 70% YoY to RM446.75 million. Rubberex’s share price settled up 11.65% or six sen higher at 58 sen on Friday, giving it a market capitalisation of RM497 million.