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Top Glove net profit jumps 111% in third quarter

June 14, 2012

KUALA LUMPUR: Top Glove Corporation Bhd’s net profit for the third quarter ended May 31, 2012 rose 111% to RM54.8 million from RM26.0 million in the same quarter last year.

In a statement today, the company said its revenue grew 13% to RM603.3 million compared with RM533.4 million – a record high for the group.

The company also declared a first single tier interim dividend of seven sen per share for the quarter which is payable on July 19.

“The improved performance was attributed to an increase in demand, improved efficiency, coupled with a favourable downtrend in natural rubber latex prices,” Top Glove said.

Meanwhile, group chairman Lim Wee Chai said there was stronger demand for gloves especially from all the markets, as gloves are deemed as basic necessities, especially in the healthcare industry.

He said latex prices were expected to stay below RM7 per kg in the short term due to the anticipated reduction in demand from downstream tyre makers.

This was due to the economic slowdown in China, the world’s biggest car market, and the growing concerns on the European debt crisis, he said.

Lim said Top Glove would continue to intensively invest in automation and research and development to continue innovating new manufacturing processes to mitigate the impact of the minimum wage compliance.

Bernama


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