KUALA LUMPUR, March 16 ― Top Glove Corporation Bhd registered a net loss of RM164.67 million in the second quarter of financial year 2023 (2Q FY2023) ended February 28, 2023,...
KUALA LUMPUR, March 16 ― Top Glove Corporation Bhd registered a net loss of RM164.67 million in the second quarter of financial year 2023 ended February 28, 2023, compared to a net profit of RM87.55 million posted in 2Q FY2022.On a half-year basis, the company’s revenue declined to RM1.25 billion in the first half of FY23 from RM3.09 billion in 1H FY2022.
It added that the situation was also aggravated by the ongoing glove oversupply situation, combined with the lack of customer urgency to place orders in light of shorter delivery times from lower manufacturer utilisation. As the glove industry faces losses coupled with escalating costs, Top Glove said that the industry has started to revise selling prices upward from February 2023, which is a necessary step towards the industry’s eventual recovery and sustainability.
“However, this is a temporary phase that we will have to weather after two years of elevated pandemic-driven glove demand,” he said.
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