“Meanwhile, the glove maker’s revenue fell 10% to RM415.64 million from RM461.84 million previously,” the group said in a filing with Bursa Malaysia today.

The decline in revenue was primarily attributed to lower sales volume and average selling prices while the improved net profit was mainly due to lower raw material costs and utilities expenses, better production efficiency arising from higher capacity utilisation, as well as cost savings from the operational rationalisation exercise.

“The group also recorded higher interest income and a reversal of certain provisions no longer required during the quarter,” it said.

In cognisance of a new yet challenging landscape, Hartalega said it will continue with its five-year Strategic Plan to strengthen business sustainability and resilience over the longer term.

“The operational rationalisation exercise is currently in its final phase and is slated to be completed by the first quarter of 2024.

“Post-completion, the group expects to see improvement in operational and cost efficiencies, thus enhancing its overall competitiveness and positioning it well for market recovery,” it said.

As at 3.39pm, Hartalega’s share price was down by seven sen or 2.55% at RM2.68, giving it a market capitalisation of RM9.19 billion.