The group foresees potential market recovery to take place in late 2024.
PETALING JAYA: Glove manufacturer Supermax Corp Bhd has entered into the red in the financial year ended June 30, 2023 with a net loss of RM149.45 million, a 121% drop from its RM718.91 million net profit in the previous year.
This marked the group’s third consecutive quarterly loss. It posted a net loss of RM39.92 million in Q3 FY2023 and RM108.07 million in Q2 FY2023. The glove manufacturer said in its filing that the recent quarterly deficit was due to reduced ASP for gloves, sluggish worldwide market demand and reduced excess inventory among buyers.
Another factor contributing to the loss is a rise in operational expenses due to elevated utility costs.Moving forward, the group anticipated that the ASP would continue to be subdued, projecting a substantial market rebound to potentially occur only in the latter part of 2024.
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