Sri Trang Gloves (Thailand) Public Company Limited reported a net profit of THB 384.1 million for the quarter ended Mar 31, 2026, down 9.5 per cent year-on-year, as lower glove sales were partly offset by an insurance compensation of THB 284 million related to last year’s floods and a THB 92.0 million foreign-exchange gain.

Basic earnings per share slipped to THB 0.14 from THB 0.15 a year earlier. The board has already approved a final dividend of THB 0.50 per share for FY 2025, payable in May 2026.

Total revenue from sales of goods and services fell 16.2 per cent year-on-year to THB 5.49 billion. Segment data show that the gloves division generated THB 5.47 billion in external sales, down from THB 6.52 billion, while the smaller “Others” segment contributed THB 14 million. Pre-tax earnings from gloves edged up 4.9 per cent to THB 447 million, but profit from the “Others” segment plunged to THB 4 million from THB 51 million, dragging group performance.

Gross profit contracted to THB 568 million from THB 849 million as cost of sales and services fell at a slower pace than revenue. Administrative expenses grew 19.5 per cent to THB 200 million, reflecting higher staff costs and ongoing expansion projects. Hedging activities booked a THB 223 million cash-flow hedge loss recognised in other comprehensive income, while mark-to-market losses on derivative instruments totalled THB 97 million in the income statement.

Key non-operating items provided some relief. Besides the flood-related insurance payout, the company recognised a THB 78.7 million reversal of inventory write-downs and a THB 60.6 million reversal of asset impairment related to the same incident.

Among headwinds, sales volume and average selling prices continued to normalise from pandemic highs, and income-tax expense more than doubled year-on-year to THB 76.9 million, reflecting the expiry of certain tax incentives and the introduction of an OECD Pillar-Two top-up tax.

During the quarter the group unlocked THB 1.92 billion in gains on the sale of overseas equity investments, bolstering retained earnings. It also completed a share-buyback programme, repurchasing 100.2 million shares (3.5 per cent of issued capital) for THB 816.8 million, and on 8 May launched a second programme of up to THB 683 million for a further 2.17 per cent of shares.

Capital expenditure reached THB 176 million, mainly for capacity upgrades, while net cash from operating activities stood at THB 201 million. The group closed the quarter with THB 2.97 billion in cash and equivalents and a net debt position of THB 664 million.

Looking ahead, management is continuing to streamline its portfolio—evident in the liquidation of Sadao P.S Rubber and a capital reduction at Singapore-based Sri Trang Gloves Global—and to pursue disciplined capacity expansion and opportunistic share repurchases against a backdrop of softer but stabilising glove demand.