Sri Trang Gloves Q1 profit falls 9.5% to 384.1 million baht

[SINGAPORE] Sri Trang Gloves posted a 9.5 per cent decline in net profit for its first quarter ended Mar 31, to 384.1 million baht (S$15.1 million) from 424.2 million baht a year earlier.

This came as lower revenue and margins weighed on the group’s performance.

Revenue fell 16.2 per cent to 5.49 billion baht from 6.55 billion baht a year earlier, the Thailand-based manufacturer said in a regulatory filing on Thursday (May 21).

Gross profit dipped 33.1 per cent to 568.4 million baht, while gross profit margin shrank to 10.4 per cent from 13 per cent previously.

Sales volume for the quarter fell 0.4 per cent year on year to 9.16 billion pieces. However, the group noted that this was a 4.6 per cent increase quarter on quarter, as operations normalised after temporary disruptions from flooding in late 2025.

Sri Trang’s bottom line was buoyed by 284 million baht in partial insurance compensation income relating to the flooding. This boosted the group’s other income to 326.2 million baht, from 47.8 million baht a year earlier.

It also recorded a net foreign-exchange gain of 92 million baht, reversing from a loss of 12.8 million baht previously.

Earnings per share came in at 0.14 baht, down from 0.15 baht a year earlier.

Sri Trang said that it remains upbeat in its outlook, though it acknowledged that the Middle East conflict has disrupted synthetic rubber supply chains.

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Rising raw material prices have caused prices of nitrile rubber, used in glove manufacturing, to surge by 160 per cent, it noted.

However, Sri Trang said it still has a competitive advantage in manufacturing by using natural rubber latex, of which prices have risen more modestly, by about 30 per cent.

Separately, Sri Trang announced a second phase of its share repurchase programme for financial management purposes.

The group will spend up to 683 million baht to buy back up to 62.1 million shares, representing 2.17 per cent of its total issued shares. The repurchase period runs from May 12 to Nov 7.

This comes after the completion of its first share buyback phase in March, during which it repurchased 100.18 million shares for 816.8 million baht.

Shares of Sri Trang closed flat at S$0.36 on Thursday, before the news.