KUALA LUMPUR (May 28): Rubberex Corp (M) Bhd s net profit for the first quarter ended March 31, 2021 (1QFY21) surged nine times to a record high of RM86.57 million from RM9.26 million a year ago, on higher demand for glove products and higher average glove selling prices.
Its quarterly revenue also jumped more than two times to RM175.24 million, from RM66.43 million a year ago, its filing to Bursa Malaysia showed.
The group did not declare any dividend for the latest quarter.
The group said its reported profit included a gain of RM5.9 million from the dissolution and deregistration of Rubberex (Hong Kong) Ltd, a wholly-owned subsidiary of the company, from the Companies Registry of Hong Kong in February.
THE Covid-19 pandemic has caused many companies to be in financial distress, forcing some to temporarily shut down factories and operations for at least two months from mid-March in 2020 and experiencing lower demand after that.
With numerous firms seeing a decline in earnings, and many falling into the red, one wonders how much Malaysia’s top brass were paid in 2020 versus the year before.
According to data compiled by The Edge, among the top 50 companies by market capitalisation, the heads of 15 firms took a pay cut, 13 saw a bump in their paycheques and only two those of Supermax Corp Bhd and Time dotcom Bhd had no change in pay.