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Hartalega's earnings poised to strengthen after third quarter net profit falls

KUALA LUMPUR (NewsRise) - Malaysian synthetic glove maker Hartalega Holdings reported a weaker-than-expected fiscal third-quarter net profit, but analysts estimate its earnings to rebound in the subsequent quarter buoyed by higher selling price and more output.

Net profit for the three months ended December 31 totalled 66.23 million ringgit ($14.88 million), a 9.0% decline from 72.79 million ringgit a year ago, due to foreign exchange losses, Hartalega said in a statement. Quarterly revenue rose 14.64% year-on-year to 456.29 million ringgit tracking robust demand, it added.

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