Riverstone posts 76.2% drop in Q3 earnings to RM63.5m
MAINBOARD-LISTED specialised cleanroom and healthcare glove manufacturer Riverstone Holdings : AP4 0% on Wednesday (Nov 9) reported third-quarter earnings of RM63.5 million (S$19 million), a 76.2 per cent fall from RM266.4 million in the year-ago period.
Earnings per share fell to 4.28 sen, from 17.97 sen in the previous year.
Q3 revenue dropped 58.6 per cent to RM270 million, compared to RM652.8 million in the corresponding quarter last year.
Gross profit decreased 74.5 per cent year-on-year to RM91.2 million from RM357.2 million.
The company said future challenges will be macroeconomic headwinds such as price competition, US dollar fluctuations, volatile raw material prices and increase in overall production costs.
Riverstone executive chairman and chief executive Wong Teek Son said that despite normalisation of demand for healthcare gloves, the company’s clean room segment continues to hold steady.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
“Our products, which typically have stringent customer requirements, are not easy to replicate and enable us to have market leadership in the industry,” he added.
The company’s board has recommended a second interim dividend of six sen per share.
Shares of Riverstone rose 2.6 per cent or S$0.015 to S$0.585 before the results were announced.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Google, US clash over search advertising as trial winds down
Apple rallies most in 18 months on upbeat forecast, buyback
US: Wall St opens sharply higher on soft jobs data
HSBC has no plans to dispose of further businesses, chairman says
Glencore Group nears deal for Shell’s Singapore oil refinery
Chinese share of French EV market slumps after incentives curbed