Both global synthetic and natural rubber prices are on an upward trend, but not all businesses in the industry are enough confident to set higher profit targets for this year.
Both global synthetic and natural rubber prices are on an upward trend, but not all businesses in the industry are enough confident to set higher profit targets for this year.nbsp;
Rubber exports on a roll in first quarter 17:55 | 20/04/2021
The World Bank forecasts that rubber prices will increase by 3 per cent this year
In the first quarter, DakLak Rubber Investment JSC (DRI) recorded more than VND16 billion ($695,650) in net profit thanks to increased consumption volume and high rubber prices. DRI sold 3,126 tonnes of rubber latex with an average selling price of $1,693 a tonne, up 212.4 and 136.8 per cent over the same period last year. Revenue for the period reached VND125 billion (5.43 million), higher than the VND53 billion ($2.3 million) in the previous first quarter.
Other companies also reported rising export prices. Typically, the average price of a ton of rubber in the first two months of Dong Phu Rubber JSC (DPR) reached VND46 million ($2,000), up 25.5 per cent on-year, according to a report by BIDV Securities Company (BSC).