KUALA LUMPUR (Nov 27): Supermax Corp Bhd ( Valuation: 1.40, Fundamental: 1.00), the world's second largest glove-maker by volume, saw its net profit rise 38.3% to RM38.46 million or 5.65 sen for the three months ended Sept 30, 2015 from RM27.81 million or 4.09 sen per share a year ago.
Revenue grew 11.3% to RM309.87 million from RM278.38 million.
In a filing with Bursa Malaysia yesterday, Supermax attributed the strong performance to efficiency gains and the strong US dollar which had appreciated by 27% compared with a year ago.
For the cumulative nine months period (9MFY16), Supermax posted a net profit of RM88.15 million or 12.96 sen per share on revenue of RM762.46 million.
There is comparative figure as the group has changed its financial year end to June 30 from Dec 31. Thus, the current financial year will cover an 18 months period ending June 30, 2016 (FY16).
On prospects, Supermax said with global demand for rubber gloves continuing to be robust and sustainable, its initiatives and the ability to leverage on an extensive and growing overseas distribution network augurs well for its business and financial.
"External factors such as low and/or stable raw material prices as well as favourable exchange rates are also providing a boost to the group’s performance.
"While not reliant on such factors, the group would nevertheless take measures to take advantage of any and all favourable conditions as far as possible," it added.
Supermax shares closed five sen or 2.14% lower at RM2.29 yesterday, with a market capitalisation of RM1.54 billion.
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