KUALA LUMPUR (Nov 11): Hartalega Holdings Bhd (KL:HARTA) said on Tuesday its net profit more than doubled in the recently ended quarter thanks to cost control that drove unit cost down and hedging gains.

Net profit for the three months ended Sept 30, 2025 (2QFY2025) was RM18.3 million, Hartalega said in an exchange filing. Revenue for the quarter, however, fell 17% year-on-year to RM539.66 million from lower volume while average selling prices fell from weaker export receipts.

“The depletion of pandemic-era stockpiles has led to renewed restocking activities, signalling a steady recovery in market demand,” Hartalega said.

No dividend was declared for the quarter under review.

The ringgit, meanwhile, has appreciated more than 7% against the US dollar so far this year, eroding the value of sales priced in the greenback when translated into Hartalega’s reporting currency.

The industry is grappling with a massive supply glut as rivals from China set up shop and ramp up their productions in other Southeast Asian countries to dodge US tariffs. A deluge of Chinese-made gloves in non-American markets has also added to the pressure faced by Malaysian manufacturers.

Still, Hartalega is “confident we will punch above the disruptions that are happening within the sector today”, Hartalega CEO Kuan Mun Leong said in a statement accompanying the results announcement.

For its first six months, net profit fell 24% to RM30.91 million when compared to the same period a year earlier. The company blamed lower sales volume as well as the adverse impact of foreign exchange movements for the decline. Revenue in the first half was RM1.09 billion, down 12%.

“Looking ahead, we will continue to further enhance our production efficiency through automation and digitalisation initiatives, while maintaining prudent financial management to support improvements to our bottom line for the remaining half of the year,” he added.