Top Glove profit up on lower latex, oil prices

PETALING JAYA: Top Glove Corp Bhd posted a 5.4% rise in net profit to RM36mil for the second quarter ended Feb 28, against the preceding quarter despite a 10.2% decline in revenue to RM346.5mil.

 

In a statement to Bursa Malaysia yesterday, the world’s largest rubber glove manufacturer attributed the better result to lower latex and crude oil prices, favourable exchange rates and good cost control, efficiency and glove quality improvement.

Comparing with the previous corresponding period, its revenue and net profit increased by 8% and 22% respectively. Its earnings per share rose by 23% to 12.2 sen per share.

“Top Glove is continuing to move ahead rapidly with specific efforts undertaken to improve and innovate its glove quality, marketing, productivity and cost efficiency.

“In this challenging time, the group will continue to put in its best effort towards achieving the internal target growth for both sales revenue and net profit,” it said.

Currently, Top Glove has 8,600 employees, 19 factories, 339 production lines with a production capacity of 30 billion pieces of gloves per annum. It exports to more than 180 countries worldwide.