The share price of Sri Trang Gloves (Thailand) Public Company Limited (SET: STGT) plunged as much as 4.15% a few minutes after the opening bell to trade at THB18.50 per share after reporting a disappointing 1Q22 earnings with a shrinking net profit by 90% to record at THB 1,052 million.
STGT is on pace for a five-day losing streak, plunging by 23.86% from THB24.30 on April 29, 2022. The share price was -37.28% from the beginning of this year.
STGT reported a net profit of THB 1,052 million in 1Q22, decreased 89.53% from a net profit of THB 10,051 million in 1Q21. The decrease was mainly due to a supply increase in the market that led to lower selling prices.
In 1Q22, the company had revenue of THB 7,118.5 million, decreased 53.9% YoY and 14.1% QoQ because of a decrease in average selling price (ASP) that went down 61.3% YoY and 17.7% QoQ to THB 890 (USD 27.1) per 1,000 pieces as a result of additional supply in the market. However, sales volume grew 17.8% YoY and 4.0% QoQ to 7,905 million pieces as demand remained robust and STGT expanded into new markets.