SINGAPORE (Nov 12): UG Healthcare announced 1Q19 earnings have increased by 20.4% to $1.04 million, compared to $0.86 million in 1Q18.

Revenue for the first quarter ended September came in at $20.3 million, 11.4% higher than $18.3 million in the previous year, mainly due to an increase in the volume of gloves produced and sold resulting from the commencement of new production lines and higher sales through expansion of the group’s distribution networks.

In tandem with revenue growth, gross profit increased by 49.3% from $3.0 million in 1Q18 to $4.4 million in 1Q19. The relatively stable raw material prices and higher production efficiency lifted overall gross profit margin from 16.3% in 1Q18 to 21.8% in 1Q19.

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