KUALA LUMPUR, June 9 — Top Glove Corp Bhd’s net profit fell to RM15.29 million in the third quarter ended May 31, 2022 from RM2.04 billion a year earlier, on the back of lower revenue due to the effects of normalisation in demand and average selling prices affecting the industry.
“However, we will press on and continue focusing on the fundamentals; delivering quality products at an efficient cost, a direction which remains our priority both in good and lean times,” he said in a separate statement. Additionally, the group had to contend with increases in natural gas and electricity tariffs, as well as minimum wage implementation, which came into effect on May 1, 2022, resulting in margin compression, as the company was unable to fully pass cost through amid ongoing oversupply situation.