After net loss, will Top Glove be back in black?
It posted $51.6m net loss in the first quarter ending November 2022.
Glove manufacturer, Top Glove, posted a net loss of $51.6m (RM168m) in the first quarter that ended November 2022.
For 1QFY2023, the SGX-listed manufacturer recorded sales revenue of $194m (RM633m) and loss after tax of $48m (RM158m).
Whilst sales volume (Quantity Sold) eased about 48% year on year as it continued to be impacted by persistent headwinds.
The softer financial performance was on the back of the “ongoing glove supply/demand imbalance which saw customers holding off restocking activity as they continued to deplete existing glove inventory, coupled with a lack of urgency to place orders in light of excess production capacity within the glove industry.“
In a statement, the firm said they are optimistic that they can recover by next year.
$1 = RM3.25
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