Top Glove Q3 profit falls 36.5% on higher latex cost, stiff competition

Singapore

RUBBER glove manufacturer Top Glove's net profit for the third quarter to May 31 tumbled 36.5 per cent to RM74.7 million (S$24.5 million) from RM117.6 million for the year-ago period.

Top Glove attributed the sharp drop in net profit to a 22 per cent increase in natural rubber latex prices from the preceding quarter, and intense competition.