MAINBOARD-LISTED Riverstone Holdings : AP4 0% reported a 62.1 per cent fall in net profit for the fourth quarter to RM42 million (S$12.7 million), from RM110.7 million in the year-ago period.

This translates to an earnings per share of 2.83 sen, from 7.47 sen in the previous year.

Revenue was down 42.7 per cent to RM235.2 million, compared to RM410.2 million in the corresponding quarter last year.

Riverstone executive chairman and chief executive Wong Teek Son said that the poor performance reflected “typical cyclical weakness” for the medical glove industry, with demand and average selling prices normalising from Covid-19 peaks.

In response to the challenging market environment, the specialised cleanroom and healthcare glove manufacturer readjusted its production model and shifted its focus towards advancing its cleanroom segment.

“As a leading and evolving manufacturer in the glove industry, we firmly believe that our emphasis on research and development to better meet customers’ requirements will put us on an advantageous position to fuel our growth in the cleanroom sector, thereafter enabling us to navigate through the current difficulties smoothly,” he said.

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The company’s board has proposed a special interim dividend of 8 sen per share and a final dividend of 10 sen per share, bringing its total dividends for FY2022 to 18 sen.

Shares of Riverstone were S$0.03 or 4.4 per cent down at S$0.645 on Thursday (Feb 23) before the results were announced.