Top Glove shares tank in Singapore, Malaysia amid RM130.6m Q3 loss

GLOVE manufacturer Top Glove Corporation on Friday (Jun 16) posted a net loss of RM130.6 million (S$37.8 million) for the third fiscal quarter ended May 31, a turnaround from its earnings of RM15.3 million in the corresponding year-ago period.

The latest quarterly loss took the company’s net loss for the nine-month period ended May 31 to RM463.5 million. In the corresponding period ended May 31, 2022, it had booked a net profit of RM288.6 million.

Shares of Top Glove, which are listed in Singapore and Malaysia, took a hit on Friday after the financial results announcement. In Singapore, the counter slipped 9.5 per cent or S$0.03 to close at S$0.285. In Malaysia, the stock lost 10.6 per cent or RM0.115 to finish the trading day at RM0.975.