HLT (0188) HLT Global posts lower Q3 profit, as operating cost jumps
KUALA LUMPUR: HLT Global Bhd, a maker of glove-dipping lines and rubber gloves, reported a surge in quarterly revenue, but its earnings in the three-month ended Sept 30 were lower due to a sharp increase in operating expenses.
Net profit in the third quarter ended Sept 30 declined to RM2.36mil compared with RM2.7mil made a year ago.
Revenue was almost doubled to RM70.3mil from RM38.4mil a year ago, the company said in a filing with Bursa Malaysia today.
HLT Global said gross profit to RM23mil from RM4.4mil a year ago, but the Group incurred RM11.6mil in operating cost.
This includes a RM2.9mil increase in commission paid for selling of rubber gloves, as well as RM6.7mil in fair value recognition of Employees Share Option Scheme, foreign exchange loss as well as increase in staff cost in current year quarter.
Despite the lower earnings, he company said the prospects of its rubber glove business and the glove-dipping line industry remained positive.
"The Group will continue to execute its business strategies and has put in place a series of future plans to strengthen its position in the glove-dipping line industry in Malaysia as well as the overseas market," it said.