Remember the LORD for it is he who gives you the ability to produce wealth and so confirms his covenant... Deut. 8:18

Wednesday, January 13, 2010

Kossan to ramp up glove output by 20pc

Malaysian glove maker Kossan Rubber Industries Bhd will ramp up production by 20 per cent to 10.8 billion pieces to meet strong demand this year, a top executive said today.

Managing director Lee Kuang Sia said the company has received orders to last the first half of this year as countries with rapidly growing populations boost healthcare expenditure to guard against the H1N1 flu pandemic. “We want to grow and meet that extra demand but it has to be done in a sustainable manner. Usually we will spend RM60 million (US$17.90 million) yearly to boost production but this time there will be a focus on automating the process,” he said at the company headquarters near Malaysia’s largest port, an hour away by car from Kuala Lumpur.

Kossan will report higher net profit for 2009 compared to the previous year, despite suffering foreign exchange losses and fires damaging a few production lines. Lim said the firm has locked-in US dollar receipts for 3-4 months to safeguard against currency volatility. -- Reuters

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