GLOVE manufacturer Sri Trang Gloves : STG 0% posted a 10.9 per cent increase in net profit to 146.8 million baht (S$5.4 million) for the first quarter of its 2024 fiscal year ended in March, compared with 132.3 million baht in the same period a year ago.

Revenue increased 32.1 per cent to 6.1 billion baht from 4.6 billion baht, said the company on Thursday (May 9).

Sales volume totalled some 10 billion pieces for the quarter, growing 38.5 per cent year on year across all products.

This growth came on the back of recovering global demand for gloves, with the industry growth rate and major distributors’ inventories returning to normal levels, said Sri Trang Gloves.

Gross profit came in at 510.5 million baht, a 5.6 per cent increase compared to last year. But gross profit margin went down 8.4 per cent over the same period, as selling prices did not increase to the same extent as the rise in raw material costs.  

The average selling price in Q1 was 599 baht per 1,000 pieces, increasing just 0.4 per cent year on year alongside raw material costs. However, price competition remained as the global glove industry was still shaking off an oversupply.

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Shares of Sri Trang Gloves closed flat on Thursday at S$0.34.