KUALA LUMPUR, May 28 — Rubberex Corporation (M) Bhd’s net profit for the first quarter ended March 31, 2021 (Q1 FY2021) surged to RM86.57 million from RM9.26 million in the same period last year.

Revenue rose 163.9 per cent to RM175.24 million from RM66.43 million previously, it said in a filing with Bursa Malaysia today.

The group said the increase in revenue was derived from overall operational profits from the sale of gloves.

"This was attributable to the consistently strong demand of the group’s products, namely household, industrial and nitrile disposable gloves in the midst of heightened health and safety awareness during the pandemic, higher average glove selling prices, and improved production efficiencies,” it said.

On prospects, Rubberex Corporation said it remains focused on its nitrile disposable glove division, with the latest commissioning of its new production lines in stages since late 2020.

"The group’s order books for 2.5 billion pieces of nitrile disposable gloves have already been fully taken up for the rest of the year and the improved efficiency is expected to contribute positively to the group’s earnings for financial year 2021,” it added. — Bernama