In its earnings statement, the company attributed the lower earnings to a normalisation of the market in terms of selling prices and demand for medical gloves, as well as lower sales activities and lower performance incentives.
CGS-CIMB Research has downgraded Riverstone Holdings to “hold” from “add” previously due to weaker prospects for the healthcare glove industry.
On Aug 11, Riverstone reported earnings of RM208.9 million ($64.4 million) for the 1HFY2022 ended June, 79.9% lower than the earnings of RM1.04 billion in the same period the year before.
