Rubber glove manufacturer, Hartalega reported a lower revenue of RM 516 million for Q4 which is a decrease of RM 453 million or 47% from the corresponding quarter in the preceding year of 2022.
For the 12 months ended, the Group registered a lower revenue of RM 2.4 billion, a decrease of RM 5.5 billion or 69.5% from the corresponding period in the preceding year (12MFY22). The group said the drop in sales revenue for both Q4FY23 and 12MFY23 was primarily attributed to the lower average selling price (ASP) and sales volume as the Group continued to face oversupply situation and supply chain inventory adjustment.
For the quarter, the group recorded a loss before tax of RM 331 million as compared to a profit before tax of RM 218 million in Q4FY22. For the full year, the Group’s profit before tax also decreased by RM 4.8 billion as compared to the corresponding period (12MFY22), recording a loss before tax of RM 191 million for the financial year 2023.
Hartalega said the loss before tax recorded for both Q4FY23 and 12MFY23 was mainly due to a one-off impairment loss of assets totalling RM 347 million of a local subsidiary in addition to the decrease in revenue, lower production utilisation as well as higher operating costs such as energy and labour costs
