For the current quarter ended 31 December 2022 (Q3FY23), the Group registered a lower revenue of RM 462 million, a decrease of RM 544 million or 54% from the corresponding quarter in the preceding year (Q3FY22).
For the 9 months ended 31 December 2022 (9MFY23), the Group registered a lower revenue of RM 1.9 billion, a decrease of RM 5.0 billion or 73% from the corresponding period in the preceding year (9MFY22). The drop in sales revenue for both Q3FY23 and 9MFY23 was primarily attributed to the significant moderation of average selling price (ASP) as well as lower sales volume. This is due to the ongoing intense global market competition given the excessive glove inventories and stock adjustment in the supply chain.
For Q3FY23, the Group recorded a loss before tax of RM 31 million, a decrease of RM 383 million or 109% as compared to a profit before tax of RM 352 million in Q3FY22. For the 9MFY23, profit before tax has decreased by RM 4.3 billion or 97% to RM 141 million, as compared to RM 4.4 billion for 9MFY22. The decrease in profit for both Q3FY23 and 9MFY23 was in tandem with the decrease in revenue. On top of the significant reduction in revenue, the 9-month performance was also affected by higher energy and labour costs, partly offset by lower raw material costs and other operating expenses
Revenue for the current quarter decreased by RM 123 million or 21% as compared to the preceding quarter (Q2FY23). The lower revenue was mainly due to the decline in sales volume by 5% and lower ASP due to intense price competition.
For the current quarter, the Group recorded a loss before tax of RM 31 million, as compared to profit before tax of RM 37 million in Q2FY23. Apart from the lower revenue, the margin was also adversely affected by higher energy costs due to the increase in natural gas tariffs by 25%.
In view of the increasingly challenging business landscape, the Group will continue to emphasise on better cost management, improve operational efficiencies and scale up automation initiatives across our operations.
