Top Glove Q3 profit tumbles 36.5% on higher raw material prices, strong competition

RUBBER glove manufacturer Top Glove's net profit for the third quarter to May 31 tumbled 36.5 per cent to RM74.7 million from RM117.6 million for the year-ago period.

Earnings per share was 2.92 sen compared with 4.64 sen. Top Glove shares were flat at S$1.62 as at 2.21pm. To offset the increase in rubber latex prices, Top Glove has increased its average selling prices. The impact of the revision will only be reflected in the fourth quarter, the company said. "We have achieved volume growth, although external conditions were highly unfavourable, affecting this quarter’s results," said Lim Wee Chai, Top Glove’s executive chairman.

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