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Top Glove posts first quarterly loss since listing, raises glove prices amid challenges

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Vivienne Tay
Uma Devi

Vivienne Tay &

Uma Devi

Published Tue, Sep 20, 2022 · 02:57 PM
    • Top Glove says its softer financial performance comes as the industry weathers an adjustment period with oversupply and excess stockpiling by customers during the pandemic.
    • Top Glove says its softer financial performance comes as the industry weathers an adjustment period with oversupply and excess stockpiling by customers during the pandemic. PHOTO: REUTERS

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    GLOVE manufacturer Top Glove Corporation posted its first quarterly net loss since the company’s Malaysia listing in 2001 amid mounting cost pressures and a pullback in demand.

    On Tuesday (Sep 20), Top Glove reported a net loss of RM52.6 million (S$16.3 million) for the fourth fiscal quarter ended August, reversing from a net profit of RM447.4 million in the corresponding year-ago period. 

    Revenue for the quarter was down 52.3 per cent year on year to RM990.1 million from RM2.1 billion. The board did not propose a dividend for the period under review. 

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