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Malaysia's Top Glove quarterly earnings plunge 48% on slower sales

KUALA LUMPUR (Reuters) - Malaysia's Top Glove Corp Bhd posted on Friday a 48% drop in its fourth-quarter earnings as the steady rollout of vaccines worldwide pulled down the...
Malaysia's Top Glove quarterly earnings plunge 48% on slower sales © Reuters.

KUALA LUMPUR (Reuters) - Malaysia's Top Glove Corp Bhd posted on Friday a 48% drop in its fourth-quarter earnings as the steady rollout of vaccines worldwide pulled down the demand for gloves.

The world's largest medical glove maker recorded a net profit of 607.9 million ringgit ($145.88 million) during June-August, compared with 1.17 billion ringgit a year ago, lagging behind the 8.69 billion ringgit estimate by analysts in a Refinitiv poll.

Revenue slumped 32% to 2.11 billion ringgit, a stock exchange filing showed.

"(The quarterly) results were softer on the back of normalising demand following mass vaccine rollout, leading to lower sales volume and (prices), which were not matched by a corresponding reduction in raw material prices," the manufacturer said in a statement.

A previous ban on imports to the United States also continued to hurt sales during the period. But the year-long ban, imposed on Top Glove for alleged forced labour abuses, was lifted https://www.reuters.com/business/malaysias-top-glove-says-cleared-resume-business-with-us-2021-09-10 last week.

Top Glove had taken a hit to reputation from the ban, which came at a time when it was making record profits as the COVID-19 pandemic boosted demand for its gloves.

The company said on Friday that the ban removal is expected to boost sales from its Malaysia operations to the United States, which accounts for 15% of the group total sales, but sees a challenging and competitive business environment.

($1 = 4.1670 ringgit)

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29-03-2024 22:57:58 (UTC+7)

EUR/USD

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Gold Futures

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 EUR/USD1.0791Sell
 GBP/USD1.2632↑ Sell
 USD/JPY151.25↑ Buy
 AUD/USD0.6522Neutral
 USD/CAD1.3537Buy
 EUR/JPY163.17Buy
 EUR/CHF0.9732↑ Buy
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
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SJC HCM7,900/ 8,100
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SJC Hanoi7,900/ 8,102
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SJC Danang7,900/ 8,102
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SJC Nhatrang7,900/ 8,102
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SJC Cantho7,900/ 8,102
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Cập nhật 29-03-2024 22:58:00
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Cập nhật lúc 18:53:13 29/03/2024
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