Top Glove Q3 profit slumps to RM15.3m amid higher costs, moderating demand

GLOVE manufacturer Top Glove Corporation, a company that was notably one of the early beneficiaries of the coronavirus pandemic, is now reeling from a normalisation in demand and average selling prices (ASPs) for rubber gloves. Cost pressures are rising as well.

In a call on Thursday (Jun 9) to discuss the group’s latest financial results, Top Glove executives noted that the latest quarterly profit is “one of the lowest” and “definitely under pressure”. 

The company’s net profit for the third fiscal quarter ended May dived 99.3 per cent to a paltry RM15.3 million (S$4.8 million) from RM2.0 billion in the corresponding quarter last year, amid a “convergence of headwinds”.