Top Glove Q2 net profit up 9.3%


Strong hand: Latex gloves at a Top Glove factory in Setia Alam, Selangor. The glovemaker recovers market share via aggressive marketing strategies and increased production utilisation. — Bloomberg

PETALING JAYA: Top Glove Corp Bhd’s net profit rose 9.3% to RM115.68mil for the second quarter ended Feb 29 (2Q20) from RM105.79mil a year ago, mainly driven by tax incentives from its ongoing expansion and unutilised tax allowances from some of its subsidiaries.

Although Top Glove’s shares fell earlier this week with the broader market, the counter has been holding up. At the close yesterday, its shares were up 10 sen or 1.7% to RM5.85.

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