Riverstone's Q3 net profit soars 400% to RM178.6m

Singapore

MALAYSIAN glove maker Riverstone Holdings on Monday posted a net profit of RM178.6 million (S$58.2 million) for its third quarter ended Sept 30, 2020, a 400 per cent jump from RM35.6 million in Q3 2019, unhampered by rising packaging and raw material costs.

Revenue rose 92 per cent to RM482.3 million, due to the surge in global demand for personal protection equipment amid the Covid-19 pandemic, which led to higher average selling prices of the group's healthcare examination gloves since June this year.