Malaysia's Top Glove posts record profit for fourth consecutive quarter in Q2

The world's largest medical gloves manufacturer also posted record revenue of 5.37 billion ringgit in the second quarter, up 336% from a year ago. The company said greater production efficiency and higher average selling prices had boosted profits, already underpinned by high demand for rubber gloves during the COVID-19 pandemic.

Malaysia's Top Glove Corp Bhd posted a record profit for the fourth consecutive quarter in the December-February period as continued demand for gloves globally boosted sales, the company said on Tuesday.

Net profit soared 2,380% to 2.87 billion ringgit ($695.93 million) in the second quarter of the financial year from 115.7 million ringgit a year ago, it said. The world's largest medical gloves manufacturer also posted record revenue of 5.37 billion ringgit in the second quarter, up 336% from a year ago.

The company said greater production efficiency and higher average selling prices had boosted profits, already underpinned by high demand for rubber gloves during the COVID-19 pandemic. "While demand is likely to stabilise post-pandemic, the Group expects it will not revert to pre-pandemic levels owing to increased hygiene awareness as well as uncertainties surrounding the resolution of the COVID-19 pandemic," the company said in a statement.

Top Glove estimated global glove demand would grow to about 15% per annum post-pandemic from around 10% per annum before the coronavirus spread, even as vaccines are rolled out. It also expected governments to continue stockpiling gloves and other personal protective equipment. ($1 = 4.1240 ringgit)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)