Top Glove first quarter pre-tax profit rises to RM121.99 million
KUALA LUMPUR: Top Glove Corp Bhd’s pre-tax profit for the first quarter ended Nov 30, 2017 rose to RM121.99 million compared with RM89.76 million in the corresponding quarter a year ago.
Revenue increased to RM938.12 million from RM785.58 million previously, it said in a statement yesterday.
The company said the better performance was due to strong demand growth stemming from developed and emerging markets, where glove demand was rapidly on the rise.
It said further contributing to demand was the disruption in vinyl glove supply following China’s strict enforcement against polluting industries which benefited both natural rubber and nitrile glove sales.
“Internally, new capacity coming onstream, as well as continuous improvement initiatives in terms of automation, better production lines and cost-saving are also instrumental in contributing to the strong performance,” it said.
Executive chairman, Tan Sri Dr Lim Wee Chai, said the company was pleased to have delivered a strong performance once again.
“It is not easy to do well consistently amid an increasingly challenging business environment and we credit our commendable results to our ongoing improvement
Internally, new capacity coming onstream, as well as continuous improvement initiatives in terms of automation, better production lines and cost-saving are also instrumental in contributing to the strong performance. Top Glove
initiatives in the manufacturing process,” he said.
He said that having started the new financial year on a solid note, the firm was inspired to keep up efforts to improve quality, costing and efficiency to ensure it continued to do well throughout financial year 2018 and beyond.
Meanwhile, Top Glove said to further its growth, it would continue to expand its operations, adding that yearly, it would continue to build one to two factories and its current plans for expansion included the construction of two new manufacturing facilities. — Bernama