Top Glove cuts Q1 loss to RM57.7 million, says price war among glovemakers unlikely

GLOVE manufacturer Top Glove on Wednesday (Dec 20) posted a net loss of RM57.7 million (S$16.4 million) for the first fiscal quarter ended November, versus a net loss of RM168.2 million in the corresponding year-earlier period. 

The group attributed the narrower losses to a “strong improvement in performance” on a year-on-year basis, as well as a higher sales volume which led to increased utilisation and efficiencies. Its ongoing operational, quality and cost optimisation initiatives also helped to mitigate the increase in raw material prices. 

Top Glove said that the industry is progressing towards a recovery from a protracted period of demand-supply imbalance.