Riverstone's Q4 earnings dip 3.2%

MAINBOARD-LISTED Riverstone Holdings Limited announced on Wednesday a 3.2 per cent drop in its fourth-quarter net profit to RM36 million (S$11.5 million) from RM37.2 million the year before. Its Q4 revenue saw a 19.3 per cent increase to RM183 million from RM153.5 million.

It posted a 4.9 per cent dip in its full-year net profit to RM120.4 million from RM126.5 million for the fiscal year ended Dec 31, 2016.

The Malaysian glove manufacturer cited higher raw material prices and less favourable foreign exchange fluctuations as the reasons.

Its full-year revenue saw an increase of 16.9 per cent to RM654.9 million from RM560.2 million. Executive chairman and CEO Wong Teek Son said that the company's efforts to tap new markets in the US and Japan have paid off.

Cost of sales increased to RM481.7 million in 2016 in line with the increase in total revenue.

Riverstone shares closed half a cent lower to end at 90.5 Singapore cents.