Stock Name: KOSSAN
Company Name: KOSSAN RUBBER INDUSTRIES BHD
Research House: MIDF



MIDF Research has revised upwards Kossan Rubber Industries Bhd financial year 2010 earnings per share estimates by 9.4 per cent due to better-than-expected glove and technical rubber products sales.

Kossan's third quarter financial year 2010 net profit grew 21 per cent year-on-year to RM28.6 million on a comparable basis excluding forex losses incurred in the third quarter of last year.

Its third quarter revenue this year grew by 31.2 per cent year-on-year to RM275.6 million, underpinned by favourable performance of the glove manufacturing and technical rubber products divisions.

Actual quantity of gloves sold in the third quarter of this year was 2.30 billion pieces compared with 2.28 billion in the second quarter, totalling 6.9 billion pieces in the cumulative nine months, said the research house today.

Gloves utilisation rate has hit an all-time high of 92 per cent. -- Bernama