Sri Trang Gloves (Thailand) has reported a net profit of THB77.1 million ($3.06 million), down 79.6% y-o-y, for the 2QFY2025 ended June 30. For the 1HFY2025, net profit decreased 4.5% y-o-y to THB501.3 million.
The group’s gross profit in 2QFY2025 declined 39% q-o-q and 33% y-o-y to THB518 million, because of currency appreciation.
Sales revenue in 2QFY2025 increased 4.6% y-o-y to THB5.997 billion, while sales volume was at 9,091 million pieces down 1.1% q-o-q, and up 7.7% y-o-y.
The group says that the decline was amid uncertainty stemming from the announcement of the US Reciprocal Tariffs, which led to increased competition in the glove industry throughout the second quarter of 2025.
Average selling price (ASP) in 2QFY2025 was THB647 per 1,000 pieces, increasing 6.2% y-o-y in US dollar terms. However with the appreciation of the Thai baht which went up 9.8% against the US dollar, this led to ASP declining 4.3% y-o-y.
Cost of goods sold (COGS) in 2QFY2025 was THB5.48 million, down 3.8% q-o-q because of lower raw material and other costs including energy, packaging, and chemicals. NR latex price decreased by 7.1% q-o-q and NBR latex price by 8.6% q-o-q, leading to lower costs per unit.
See also: SingPost reports 60% lower operating profit in 1QFY2026 business update
Compared y-o-y, COGS rose by 10.4% because of higher raw material prices and sales volume.
As at June 30, net cash at the end of the period was THB 1.611 billion, a decrease from the THB2.293 billion reported in the previous quarter.
Shares in Sri Trang Gloves closed flat at 23.5 cents on Aug 8.
