Dragged by a RM347 million one-off impairment loss from the decommissioning of its Bestari Jaya production facility, Hartalega Holdings Bhd sank into the red for the financial year ended March 31, 2023 (FY2023) with a net loss of RM218.04 million versus a net profit of RM3.23 billion a year earlier.
PETALING JAYA: Glove marker Hartalega Holdings Bhd announced today it would be decommissioning its production facility in Bestari Jaya, Selangor, which would lead to an impairment loss of RM347 million for FY2023.
KUALA LUMPUR: Hartalega Holdings Bhd CEO Kuan Mun Leong reiterated a positive view on the long-term prospects of the company as the oversupply situation continues to weigh on earnings.
Hartalega Holdings Bhd saw its net profit for the second quarter ended Sept 30, 2022 plummet 96.9% to RM28.3 million, as lower average selling price of gloves and volume eroded revenue while higher energy costs hit its bottom line.
KUALA LUMPUR: Hartalega Holdings Bhd will prioritise sustaining its market share and remaining competitive in a global industry hit by the oversupply of rubber gloves from existing manufacturers and newcomers post-pandemic.