Top Glove cuts loss to $16.5m in 1Q24
The company narrowed its losses despite a lower revenue for the period.
Top Glove cut its losses to $16.5m (MYR 57.7m) in 1Q24 from $48.1m (MYR 168.2m) in the preceding quarter.
The company likewise narrowed its loss after tax to $13.5m (MYR 47.2m) from $45.1m (MYR 157.6m) in 4Q23.
In the same period, the company recorded earnings before interest, taxes, depreciation, and amortisation (EBITDA) of MYR 21m (+132% YoY) and a total positive cash inflow from operations of MYR 17m (+120% YoY) which are areas of priority for the group.
The group attributed its improved bottom line to its ongoing operational, quality and cost optimisation efforts, which helped mitigate the increase in raw material prices.
Additionally, the uptick in its sales volume, which led to increased utilisation and efficiencies, also had a positive effect on the bottom line.
1 SGD = 3.50 MYR
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