Glove sector woes

With Top Glove posting a net profit of RM15.3mil, it means that if not for the other income sources, the company would have sunk into the red. As pointed out by Hong Leong Investment Bank, Top Glove reported a core loss after tax and minority interests (Latami) of RM8.6mil for the quarter.

THE negativity surrounding glove stocks was cemented following Top Glove Corp Bhd’s announcement of its least profitable quarter since the largest glove maker was listed.

In fact, the profit of RM15.3mil was buffered significantly by other non-operating income to the tune of RM45.1mil.