Malaysia's Top Glove quarterly profit more than doubles on higher sales volume

KUALA LUMPUR, June 19 (Xinhua) -- Malaysia-based Top Glove, the world's largest rubber glove manufacturer, has reported a more than twofold increase in third-quarter (March 1 to May 31) net profit, driven by higher sales volumes, improved margins and stronger revenue.

In a filing with Bursa Malaysia on Thursday, the company said net profit for the quarter rose to 80.99 million ringgit (19.73 million U.S. dollars), from 34.75 million ringgit a year earlier.

Its quarterly revenue also increased 31.9 percent year on year to 1.1 billion ringgit, supported by a 34 percent rise in sales volume.

Top Glove attributed the stronger performance to prudent raw material management, particularly securing a stable supply of nitrile latex despite recent supply disruptions, which ensured uninterrupted production and timely order fulfilment.

The company also benefited from average selling price adjustments to reflect higher raw material costs, as well as ongoing improvements in product quality, cost efficiency and factory utilization rates, which helped lift profit margins. (1 ringgit equals 0.24 U.S. dollar) Enditem