"We believe that the glove industry will recover in due course as its fundamentals remain robust and unchanged,” said MD Lim.
KUALA LUMPUR: Top Glove Corp Bhd
continues to take a long-term view of industry prospects, which it says remains promising despite the ongoing oversupply situation that has weighed heavily on the earnings of glove manufacturers.
"We are under no illusion and remain mindful that the market will continue to equilibrate in the near term.
“Nonetheless, we believe that the glove industry will recover in due course as its fundamentals remain robust and unchanged,” said managing director Lim Cheong Guan in a statement.
Top Glove announced its latest quarterly performance which yielded a net loss of RM164.67mil, representing a loss per share of 2.06 sen.
Revenue for the second quarter ended Feb 28, was RM618.01mil, less than half the revenue of RM1.48bil registered in the same quarter last year.
The latest performance brings Top Glove’s 1H23 net loss to RM332.9mil on revenue of RM1.25bil, which compares to a net profit of RM273.27mil and revenue of RM3.09bil in 1H22.
