Riverstone holdings

Revenue declines 17.1% due to lower prices for gloves amid more intense competition

Cost of sales up 21.3%, eroding margin

Lower gross profit margin due to higher raw material cost, foreign exchange and change in market demand dynamics, says the group

Uneven duties are expected to make Chinese-made gloves more expensive in the US, which could benefit manufacturers in the South-east Asian country

Efforts to add new cleanroom clients would create additional revenue streams, says the company’s chief executive

They may also face stiffer competition as Chinese rivals pivot from the US to markets in Europe and Asia, add analysts

Glovemaker’s revenue for the period also up by 33.9%, driven by increased production volume and higher average selling prices

New production lines are expected to be progressively commissioned by the end of this year

Top Glove and Riverstone reach levels last seen during the peak of the Covid-19 pandemic