Lower rubber prices soften GMG Global's half-year net profit by 39%
Rubber producer GMG Global has reported a 39 per cent drop in net profit to $14.1 million for the first half year.
This was on the back of a 11 per cent decrease in revenue to S$494.1 million for the six months ended June 30.
Market price of natural rubber continued to decline by as much as 21 per cent during the period to $3,621 per ton from $4,571 per ton in the corresponding period last year on weak economic data coming from the United States and China.
Both economies are major consumers of natural rubber globally.