Glove maker Supermax reported its Q2 results highlighting on the business environment which it said continues to be very challenging with demand and ASPs remaining on the weak side, this has resulted in revenue for the quarter being 16.7% or
RM29.2 million lower compared to the corresponding quarter a year ago.
Total revenue for Q2 was RM145 million, coming in lower compared to RM174 million the group recorded in Q2FY2022, however it continued its loss making at RM44 million which is an improvement from RM108 million loss in the previous year’s quarter.
Supermax said the main factors contributing to this quarter’s performance was the continued weak demand due to many buyers’ continuing to run down their heavily over-stocked positions post-pandemic. Low average selling prices (ASPs) due to stiff competition, especially from the Chinese manufacturers who are able to leverage on low utilities costs.
The reduced losses it said was mainly contributed by significantly lower forex losses and higher interest income.
