UG Healthcare: FY16 earnings boosted by FX gains; industry losing its lustre
-FY16 net profit $5.5m (+72.3%) - ahead of street estimate
-Revenue $58.8m (+5.5%) - Nitrile gloves (+5.9%), other products (+88.5%), latex gloves (-3.8%)
-Bottom line lifted by FX gains, associate contribution, and absence of IPO expenses
-Swung to net debt of $4.9m (FY15: $1.1m net cash), giving rise to net gearing of 12%
-Propose first and final DPS of $0.587¢ (FY15: nil)
-trading at 11.6x trailing P/E
-industry losing its shine - falling ASP as supply appears to have caught up with demand
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