Sri Trang Agro net profits plunged by 77.4% in Q2

The group’s revenue fell by 6.1%.

Sri Trang Agro-Industry (STA) reported a profit of $44.26m in the second quarter of 2022, a loss of 77.4% compared to the same quarter a year ago.

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The group’s revenue fell by 6.1% from $1.16b in Q1 to $1.07 in Q2. The group’s revenue was severely affected by the 66% drop in the selling price of rubber gloves despite a 33.3% increase in sales volume.

STA’s revenue plunge was slightly cushioned by the 13.2% increase in natural rubber sales. The average selling price of natural rubber also went up by 3% per USD ton.