Kossan Q1 earnings beat analysts’ expectations

TheStar Tue, May 28, 2019 09:10am - 4 years View Original


PETALING JAYA: Kossan Rubber Industries Bhd ’s strong earnings for the first quarter ended March 31, 2019 (Q1FY19) were ahead of analysts’ expectations, on the back of higher margins.

According to CGS-CIMB, Kossan saw an 18.8% year-on-year (y-o-y) increase in glove sales and increased contribution from its technical rubber products segment, despite the research house’s estimate of a 3% to 5% y-o-y decline in average selling prices during the first quarter of 2019.

Earnings before interest, tax, depreciation and amortisation (EBITDA) margins for Kossan’s Q1FY19 rose 2.8 percentage points y-o-y to 18.3%, backed by higher economies of scale and ongoing cost saving initiatives.

Thus, Q1FY19 net profit grew 31.9% y-o-y to RM58.7mil.

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