Riverstone's Q3 profit sinks 15.6% to RM29.8m; revenue jumps 10.9%

A DROP in the average selling price of healthcare gloves caused Riverstone Holdings' gross profit margin to slump in its third quarter.

Net profit for the three months ended Sept 30, 2016, fell 15.6 per cent to RM29.8 million (S$9.8 million) from the year-ago period, the Malaysian cleanroom glove maker said in a Singapore Exchange filing on Wednesday.

Revenue climbed 10.9 per cent to RM167 million from the year-ago period.

Earnings per share fell to 4.19 sen from 9.52 sen in the preceding year. Net asset value per share sank to 70.84 sen as at Sept 30, from 129.95 sen nine months ago.

Riverstone shares finished S$0.03 or 3.3 per cent down at S$0.89 on Wednesday.