Monday, October 24, 2011

Supermax slips after fall in 3Q earnings

KUALA LUMPUR: Shares of SUPERMAX CORPORATION BHD [] fell to a low of RM3.17 on Monday, Oct 24 after its net profit fell 18.9% to RM30.91 million in the third quarter ended Sept 30, 2011.

At 3.38pm, it was down six sen to RM3.19. There were 1.28 million shares done at prices ranging from RM3.17 to RM3.28.

The glove maker said the weaker earnings were due to the impact of higher natural rubber and nitrile latex prices.

Allthough profitability was lower than last year, it was seeing positive signs for a rebound after recording a second consecutive quarter of core profit growth.

It said natural rubber latex prices fell from a high of RM10.87 per kg wet in April 2011 to RM7.91 as at Oct 21.

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