Top Glove Q1 profit up 1.2% on better nitrile glove sales
TOP Glove's net profit edged up 1.2 per cent to RM111.4 million (S$36.4 million) for its first quarter ended Nov 30 from RM110.1 million a year ago following strong growth in the nitrile glove segment, the mainboard-listed glove manufacturer said on Tuesday.
Technology advancements, automation and digitalisation also contributed to better sales and profits.
Earnings per share was 4.36 sen, up from 4.31 sen a year ago.
However, revenue was down 4.2 per cent to RM1.21 billion from RM1.26 billion due to lower average selling prices and lower average raw material prices, said the Malaysia-based firm.
Increased nitrile capacity from its ongoing organic expansion allowed Top Glove to further grow sales, cater to larger customers and capture a bigger market share in the US, Western Europe and Japan, it said.
However, this was offset by weaker contributions from the natural rubber and vinyl glove segments.
Competition and a nearly 9 per cent increase in natural rubber latex prices also impacted the firm's performance.
Shares of Top Glove were up S$0.02 or 1.4 per cent to S$1.48 as at 2.03pm on Tuesday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Booking says room reservations to slow amid Middle-East conflict
CapitaLand India Trust to acquire 2.5 million sq ft of IT buildings in Hyderabad
Block raises annual forecast on resilient consumer spending
Live Nation’s revenue beats estimates as boom in concerts drive ticket sales
Apple profit ebbs as iPhone sales under pressure
DBS customers unable to log into digibank, PayLah! on Thursday