World’s largest rubber glove manufacturer's margins impacted by higher latex prices

PETALING JAYA: The world's largest rubber glove manufacturer, Top Glove Corp Bhd, saw margins take a hit as continued higher latex prices and a weak US dollar impacted the company's net profit for the first quarter ended Nov 30.

Compared with a year ago, net profit fell 44.71% to RM36.05mil on revenue that was only marginally higher at RM491.5mil as average latex prices rose by 57% to RM7.20 per kg year-on-year while the greenback weakened against the ringgit by 9.3% to 3.11.