KUALA LUMPUR: Hartalega Holdings Bhd's net profit rose 57% to RM41.46 million in the first quarter ended June 30 from RM26.37 million a year ago, underpinned by higher demand and increase in average selling price of both nitrile and latex gloves.

The glove maker said on Tuesday, Aug 9 revenue rose 35.6% to RM169.96 million from RM125.33 million. Earning per share were 17.11 sen versus 10.88 sen. Pre-tax profit rose 64.4% to RM53.76 million from RM32.06 million.

'The significant achievement in revenue and profit before tax is in line with the Group's continuous expansion in production capacity, increase in demand, improvement in production processes and increase in average selling price of both nitrile andlatex gloves,' it said.

However, when compared with the preceding quarter, Hartalega said pre-tax profit slipped 4.9% to RM53.76 million from RM56.56 million. Revenue was 4% higher from RM163.68 million in the preceding quarter.

'The decrease in profit before tax is due to the strengthening of the Malaysian currency against the US dollar, the recognition of share-based payment expenses of RM996,000 and the effect of adoption of FRS 139 amounting to RM2.46 million,' it said.