Riverstone's 3Q net profit holds steady at $4.1m

Riverstone Holdings, the Malaysian manufacturer of specialised cleanroom and premium healthcare gloves, says net profit for the three months ended 30 September 2011 (3Q 2011) held steady at RM10 million ($4.1 million).

In 3Q, Riverstone says group revenue rose 29.8% to RM71 million on continued strong demand, especially for its healthcare gloves. The weaker US dollar, coupled with higher raw material prices and a delay in passing on the higher costs to its customers, reduced gross profit by 9.8% to RM14.6 million.

However, pretax profit increased by 3.6% to RM10.6 million, due mainly to higher other income. Other income had increased from RM0.1 million to RM1 million, due to compensations claimed from a contractor for work stoppages during normal operations.