14 June 2012
Top Glove quarterly earnings surged 110% to RM53.81mil from RM25.59mil a year ago, boosted by stronger demand for gloves especially from all the markets and lower latex prices
Top Glove Corporation Bhd posted a strong set of results in the third quarter ended May 31, with earnings surging 110% to RM53.81mil from RM25.59mil a year ago, boosted by stronger demand for gloves especially from all the markets and lower latex prices.
It said on Wednesday its revenue was at a record high of RM603.29mil, up 12.6% from RM535.36mil a year ago. Earnings per share were 8.7 sen compared with 4.14 sen.
It declared a first single tier interim dividend of 7.0 sen per share (net of tax) for the quarter, which would be paid on July 19.
Top Glove said its nine-month earnings rose 59.3% to RM138.69mil from RM87.05mil in the previous corresponding period. Revenue increased 12.9% to RM1.707bil from RM1.512bil.
"The improved performance was attributed to an increase in demand, improved efficiency, coupled with a favourable downtrend in natural rubber latex prices which declined from an average of RM8.80 per kg in the nine-months of FY11 to RM7.56 a kg in the nine-months of FY12," it said.
Top Glove group chairman Tan Sri Lim Wee Chai said the better performance was due to stronger demand for gloves especially from all the markets, as gloves are deemed as basic necessities, especially in the healthcare industry.
"The positive growth can be traced to several important trends: government and employers putting more emphasis on workplace safety, a growth in safety compliance regulations, and the ongoing education and awareness to promote public health and safety benefits of hand protection," he said.