Medtecs profit tumbles 87% to US$17.3m on lower demand for PPE, face masks

Singapore

PROTECTIVE gear manufacturer Medtecs International on Tuesday (Mar 1) posted a net profit of US$17.3 million for the full year ended Dec 31, 2021, 87 per cent lower than the US$131.7 million posted in the year-ago period.

This was mainly due to decreased demand and margins for personal protective equipment (PPE) and face masks, the company said in a bourse filing.