KUALA LUMPUR, Dec 20 — Top Glove Corporation Bhd’s net loss narrowed to RM57.71 million in the first quarter of financial year 2024 (1Q 2024) from RM168.24 million in 1Q 2023.
Revenue for the quarter decreased to RM493.46 million from RM632.53 million previously.
In a Bursa Malaysia filing today, the world’s largest gloves manufacturer attributed its improved results to its ongoing operational, quality and cost optimisation efforts, which helped to mitigate the increase in raw material prices.
“Additionally, the uptick in sales volume, which led to increased utilisation and efficiencies, also had a positive effect on the bottom line,” it said.
Looking ahead, Top Glove is maintaining a positive mid — to long-term outlook on the glove industry, as gloves are an essential, single use item in the healthcare, industrial and food and beverages sectors with no viable replacement.
“The group is also optimistic that global glove demand growth of approximately 8.0 per cent will resume in time to come, along with glove consumption; driven by customers’ replenishment of depleting glove stockpiles, robust industry fundamentals, as well as increased health and hygiene awareness post-pandemic.
“As Top Glove progresses on the road to recovery, the group continues to focus on environmental, social and governance,” it said.
The group added that it is also working closely with stakeholders to ensure it meets new obligations under the European Union Deforestation Regulation (EUDR), which will apply starting December 30, 2024. — Bernama