‘Storm has truly passed’: Top Glove swings back into the black with RM50.7 million Q3 profit
Return to profit boosted by customers replenishing their glove inventories; managing director says group well-positioned to meet growing glove demand
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MALAYSIAN glove maker Top Glove Corporation on Wednesday (Jun 19) reported a net profit of RM50.7 million (S$14.5 million) for the third quarter ended May 31, reversing a loss of RM130.6 million in the same period the year before.
Profit was driven by stronger glove demand as customers replenished their glove inventories after clearing excess stock, as well as contribution from the disposal of excess land, said the manufacturer in a bourse filing.
“The resultant higher utilisation coupled with ongoing quality and cost optimisation measures also positively impacted the bottom line,” said the company.
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