The share price of Sri Trang Agro-Industry Public Company Limited (SET: STA) and its subsidiary Sri Trang Gloves (Thailand) Public Company Limited (SET: STGT) edged lower on Monday, following their downtrend in earnings results.
As of 11:29 BKK time on Monday, the share price of STA fell THB 0.90 or 6.47% to THB 13.00 a piece. The price of STGT also dropped by THB 0.20 or 2.94% to THB 6.60 per share.
STA reported a net profit of 110 million baht in 2Q23, down 61.8% QoQ and 90.4% YoY, as its natural rubber segment, which accounted for 77.2% of total revenue, came under pressure due to problem of sourcing raw material due to El Niño (QoQ) and a drop in average selling price (YoY).
Meanwhile, STGT reported a net profit of 15 million during the quarter, down 88.5% QoQ and 97.5% YoY. Revenue in 2Q23 totaled 5,036.9 million baht, increasing by 10.0% QoQ. Compared with 2Q22, revenue decreased 23.0%. By product, latex powder-free gloves (NRPF) contributed the largest proportion of sales revenue at 42%, followed by latex powdered gloves (NRPD) at 36%, while nitrile gloves (NBR) contributed 22% of sales revenue. The ASP in 2Q23 was THB 627 (USD 18.27) per 1,000 pieces, increasing 5.1% QoQ but decreasing 25.5% YoY.
Net profit margin for the quarter dropped to 0.3%, compared to 2.9% in 1Q23 and 9.4% in 2Q22.
