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

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.