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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

    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. 

    top gloveFinancial resultsGloves

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