Net profit for 9MFY2024, however, stood at THB438.6 million — more than doubling the net profit for the same period last year.

Sri Trang Gloves (Thailand) has posted a net loss of THB86.5 million ($3.35 million) for its 3QFY2024 ended September compared to a net profit of THB378.4 million baht in the previous corresponding period, primarily resulting from the rapid appreciation of the Thai baht.

Net profit for 9MFY2024, however, stood at THB438.6 million — more than doubling the net profit for the same period last year.

Sales revenue in 3QFY2024 totalled THB6.44 billion, up 35.9% y-o-y. Sales volume reached 9,593 million pieces, growing by 13.8% q-o-q and 26.3% y-o-y across all products and regions. 

The average selling price (ASP) in 3QFY2024 was THB654 per 1,000 pieces. Despite this, the rapid appreciation of Thai baht, which went up by 5.2% q-o-q against US dollars, meant that the ASP in Thai baht declined by 3.2% q-o-q. 

Gross profit in the quarter totaled THB330.4 million, down by 44.5% y-o-y, with a gross profit margin of 5.1%.

Moving forward, the company is committed to reducing production costs through the use of automation and advanced technologies to eliminate redundancies and achieve economies of scale. 

Sri Trang Gloves is also exploring the application of AI to enhance machinery efficiency to produce high-quality, competitively-priced products sustainably. These efforts will enable the company to achieve profits and deliver solid returns to shareholders. 

Shares in Sri Trang Gloves Stg closed flat on Nov 8 at 50 cents.