Sri Trang Gloves revenue crashes 35.6% to $180.7m YoY in Q1
It is due to the lower average selling price of gloves in the global market.
SGX-listed Sri Trang Gloves Thailand (STGT) recorded in its financial report a 35.6% year-over-year (YoY) decrease in its sales revenue to THB4.58b (S$180.7m) in the first quarter of 2023, from THB7.12b (S$280.79m) a year ago.
Lower sales revenue was attributed to a 32.9% YoY decline on the average selling price of gloves, to THB597 (S$23.55) per 1,000 pieces.
By product, the powdered latex gloves (NRPD) contributed a sizeable percentage of the company's sales revenue at 43.0%, followed by powder-free latex gloves (NRPF) (38.1%) and nitrile gloves (NBR) (18.9%).
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STGT also recorded a 72.3% YoY decrease in their gross profit to THB483.4m (S$19.07m) from THB1.74b (S$68.7m) due to lower ASP.