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Malaysia’s Top Glove posts lower net profit in Q3

KUALA LUMPUR (XINHUA) – Top Glove Corp, the world’s largest rubber glove based in Malaysia, said on Thursday it posted a lower net profit of MYR15.29 million (USD3.48 million) in the third quarter ending on May 31 due to normalising demand and selling prices.

The company’s net profit for the quarter slumped 99.25 per cent from MYR2.04 billion a year ago, its filing to the stock exchange showed.

Its revenue for the quarter also fell 64.82 per cent to MYR1.46 billion from MYR4.16 billion a year ago.

As for the nine months ending on May 31 this year, its net profit plunged 96.03 per cent to MYR288.56 million from 7.26 billion a year earlier, while its revenue plummeted 68.52 per cent to MYR4.5 billion from MYR14.29 billion.

The company said in a statement that the softer performance occurred amidst a convergence of headwinds, with production costs moving upward due to global inflation and rising crude oil prices driven up by the Russia-Ukraine conflict.

The company also contended with increases in natural gas and electricity tariffs, as well as minimum wage implementation which came into effect on May 1.