Top Glove's Q2 profit dips 2.9% to RM105.8m on soaring finance costs

Singapore

A JUMP in finance costs caused Top Glove's second-quarter net profit to edge lower by 2.9 per cent to RM105.8 million (S$35.3 million) from RM109 million.

This was despite a 21 per cent rise in revenue for the three months ended Feb 28 to RM1.16 billion. Revenue was lifted by sales volume growth of 16 per cent - higher than the projected global demand of about 10 per cent a year - as well as a higher average selling price.

But the firm's finance costs ballooned to RM19.9 million for the period fro…