Sri Trang Gloves (Thailand) Public Company Limited booked a net profit of THB 384.1 million for the quarter ended Mar 31 2026, a 9.5% year-on-year decline as lower average selling prices offset a recovery in production volumes following flooding disruptions late last year. The result marked a turnaround from the THB 503.8 million loss recorded in the preceding quarter.

Revenue came in at THB 5.485 billion, down 16.2% year-on-year, while the net profit margin widened to 7.0% from 6.5% a year earlier. EBITDA rose 1.9% YoY to THB 1.114 billion, lifting the EBITDA margin to 20.3% from 16.7%. The company did not announce any dividend for the period.

Total glove sales volume was almost unchanged year-on-year at 9.159 billion pieces, helped by the resumption of normal operations that pushed the utilisation rate to 84.2% from 79.4%. However, the average selling price fell 9.1% in U.S.-dollar terms and 15.4% in Thai-baht terms as latex costs eased and the local currency strengthened. Gross profit slid 33.1% YoY to THB 568.4 million, but improved 50.7% quarter-on-quarter thanks to lower energy costs and better fixed-cost absorption. Pre-tax profit was THB 460.9 million, broadly flat on the prior-year period.

Headwinds during the quarter included the continued normalisation of glove prices, the 7.0% YoY appreciation of the baht and higher natural-rubber latex costs on a sequential basis. These factors compressed the gross margin to 10.4% from 13.0% a year earlier, although partial insurance compensation of THB 284 million helped cushion the impact.

Looking ahead, STGT plans to deepen cost optimisation by expanding automation and deploying artificial-intelligence systems across its production chain, targeting economies of scale and lower labour dependence. The company will also emphasise higher-margin specialty gloves, leverage its flexible natural-rubber and nitrile production mix, and extend its customer reach from 175 to more than 190 countries within two years. In parallel, STGT has committed to achieving net-zero emissions by 2050 and continues to pursue ESG initiatives, having recently secured Climate Action Leading Organization certification and an EcoVadis “Silver” rating.

Management said the broader glove market is moving through a normalisation phase; STGT intends to manage utilisation rates and capital expenditure prudently to preserve profitability while positioning for longer-term demand growth.